根据1995年养老金法案第35条, the trustees are required to set down the principles governing their decisions in relation to the investment policy for the 米德尔塞克斯 Group Limited 养老基金 and 人寿保险计划 (“the Scheme”). 这些原则载于本投资原则声明.
在考虑了收到的建议之后, 受托人在制定投资策略决策时将遵循以下原则, 政策及目标:
The Scheme’s investment strategy will be balanced and in accordance with the provisions of the Trust Deed and Rules. 它的目标是实现下文第4节所述的预期投资回报, 但风险是可以接受的.
受托人, 在接受建议之后, 已决定投资组合资产，包括固定利率基金, 物业及股票. 一般, 受托人的目标是持有不超过40%的固定利率基金, 剩下的钱主要投资于股票, 但也有一些房地产投资. 不过，本计划不时会以现金形式持有部分资产. 这可能是一个短期的战术位置，同时战略正在审查, 或者在极端情况下, i.e. 如果市场特别不稳定，可能会保留现金以保存资本.
在制定上述内容时, the trustees have taken into account the financial strength of the principal employer (which they will continue to review). 受托人认为该策略既谨慎又符合受益人的最佳利益.
受托人的投资政策是最大化计划资产的长期投资表现, 在适当考虑计划负债的性质的情况下. 话虽如此, the trustees reserve the right to adopt a flexible investment strategy designed to take into account prevailing market conditions. In this regard the Scheme’s assets will not always be invested in a way specifically designed to match its liabilities.
The performance of each of the Scheme’s investments is regularly assessed in relation to individual benchmarks and peer groups.
受托人认为主要风险是有可能达不到上文第2节所规定的目标. They will regularly take advice and monitor the performance of the Scheme’s assets (as above) to mitigate this risk.
分散不良投资风险的经验, 计划的资产应以多元化的方式投资. 这将通过以下方式实现:
- 一些投资将通过汇集，例如.g. unitised、车辆
It is acknowledged that the Scheme has diverted from the traditional model of holding long-duration bonds to underpin existing pensioner liabilities. This reflects the trustees’ concern (following professional advice) that long duration bonds are currently valued at a significant premium following the previous banking crisis and subsequent implementation of quantitative easing by the UK government. 反过来, 这增加了持有这一特定资产的未来波动和投资损失的风险. 受托人承认, 如果债券收益率进一步下跌, 该计划的负债可能显著增加, and yet the asset value may not have benefited from a corresponding increase in value (unless the portfolio has in any event exceeded such an increase in bond values).
投资经理将由受托人选出, 考虑到投资的多样化, 以及不时向受托人介绍的投资策略的一般原则. 受托人 will also have regard to the suitability for the Scheme of the individual investments within each asset class.
受托人明白，持有不易出售的资产是有风险的, 如果需要的话. 这些资产变现时可能会产生一些财务成本, 但受托人信纳计划有足够的剩余资产，可按市场价值变现, 如果需要的话.
受托人离开社会的程度, environmental (including climate risk/opportunities) and governance are taken into account in investment decisions to the discretion of the underlying investment managers. 受托人将定期审查社会, environmental or ethical considerations are taken into account in investment decisions with their investment adviser and its impact in relation to financially material considerations including climate change. 受托人的政策是鼓励行使与投资相关的权利(包括投票权), 但行使这些权利的责任被委托给了那些管理投资的人. 受托人 will review annually the effectiveness of their investment adviser’s stewardship in relation to this policy, 如果情况需要，可以更频繁地使用. Mattioli森林, 作为尽职调查过程的一部分，他们在选择投资时已经建立了一个red, 琥珀色和绿色状态与底层管理者利用环境的程度有关, 社会和治理框架，以制定其潜在的投资决策. This is formally updated annually and provided to the trustees to review and consider engagement activities with relevant parties on relevant matters.
受托人 accept that the assets invested in pooled funds are subject to the underlying investment managers’ policies on corporate governance. 受托人 are satisfied that this corresponds with their responsibility to invest the assets in the best interests of members and beneficiaries and, 在潜在利益冲突的情况下, 为了其成员和受益人的唯一利益.
受托人 note that members’ views on non-financial matters including their ethical views in relation to social and environmental impact and present and future quality of life will not be sought; however, 如果会员提出，将予以考虑.
- How the arrangement with the asset manager incentivises the asset manager to align its investment strategy and decisions with the trustees’ policies
受托人 accept that the assets invested in pooled funds are subject to the underlying investment managers’ policies, 因此，资产管理公司将无法直接将其策略与受托人的策略保持一致.
- How that arrangement incentivises the asset manager to make decisions based on assessments about medium to long-term financial and non-financial performance of an issuer of debt or equity and to engage with issuers of debt or equity in order to improve their performance in the medium to long-term;
通过使用集合资金, 受托人能够从特定资产管理公司撤资并变现资金，而不会受到惩罚或延误, 他们是否应该表现不佳或超出受托人的投资目标, 管理及环保, 社会和治理需求.
- How the method (and time horizon) of the evaluation of the asset manager’s performance and the remuneration for asset management services are in line with the trustees’ policies
- How the trustees monitor portfolio turnover costs incurred by the asset manager and how they define and monitor targeted portfolio turnover or turnover range; and the duration of the arrangement with the asset manager.
受托人 delegate the review of portfolio costs and investment performance monitoring to their investment adviser. Their investment adviser reports regularly (no less than quarterly) and makes recommendations that incorporate analysis of these factors as part of their agreement with the trustees.
计划的投资顾问将拟备报告, 通常每季度, 使受托人能够审查投资活动. 这些报告将包括:
The investment managers will notify the trustees promptly of any breach of their investment management responsibilities in accordance with their investment management agreements. 受托人将定期审查投资策略, 正在进行的投资和投资经理. 受托人将至少每年审阅本声明的内容三年, 如果情况需要，也可以更早.
受托人 will provide a copy of this Statement (and any subsequent revisions thereof) to the investment managers and their custodian immediately following completion of the Statement (or any such revision).
受托人将维护和审查, 定期, 已由计划成员缴付的avc投资合约.