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Permitted Investments

A full explanation of Investment Options is in the relevant Key Features Document, section 7 found in the downloads section.


You can invest your fund in both quoted and unquoted shares.  A stockbroker of your choice can be appointed to buy and sell shares on a discretionary, advisory or execution only basis.  Unquoted shares will only be acceptable if they are easily and regularly valued.

Insurance Investment Plans (bonds)

These may be held as an asset and may be purchased through a financial advisor. They can also be purchased on-line.

Other Investments

Unit trusts, futures and other derivatives may be held.

Derivatives may be used in conjunction with other investments, i.e. to hedge a portfolio run by an investment manager. We do not consider that dealing exclusively in futures and options is appropriate for a pension fund and will not agree to such investments where they exceed 10% of the fund.

Examples of investments which could be held (at the discretion of the Trustee) are:

  • UK quoted stocks, shares, debentures and gilts
  • Shares quoted on AIM
  • Stocks and shares traded on a recognised overseas stock exchange
  • Futures and options relating to shares quoted on a recognised stock exchange
  • Unit trusts, investment trusts and OEICs
  • Insurance company funds

All quoted investments, e.g. equities, will be registered in the name of an authorised nominee company. Stockbrokers will usually offer this service to their clients.