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PRI reporting framework 2018

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Indirect – Manager Selection, Appointment and Monitoring

Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]

Direct - Listed Equity Active Ownership

Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14]

Assurance

Assurance [CM1 01.1 - 01.7]

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Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

Non-corporate pension or superannuation or retirement or provident fund or plan

Corporate pension or superannuation or retirement or provident fund or plan

Insurance company

Foundation

Endowment

Development finance institution

Reserve - sovereign or government controlled fund

Family office

Other, specify

01.3. Additional information. [Optional]

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United Kingdom

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

155 FTE

02.4. Additional information. [Optional]

The Pensions Trust's head office is located in Leeds. There is an Investment Team located in London and a small office in Scotland to service certain clients

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.3. Additional information. [Optional]

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

30/09/2017

04.2. Indicate your total AUM at the end of your reporting year, Exclude subsidiaries you have chosen not to report on and any advisory/execution only assets.

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

04.5. Additional information. [Optional]

OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

	Internally managed (%)	Externally managed (%)
Listed equity	0 0	10-50% 30
Fixed income	0 0	10-50% 34
Private equity	0 0	0 0
Property	0 0	<10% 6
Infrastructure	0 0	<10% 3
Commodities	0 0	0 0
Hedge funds	0 0	10-50% 10
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	0 0	0 0
Cash	0 0	0 0
Other (1), specify	0 0	<10% 6
Other (2), specify	0 0	10-50% 11

'Other (1)' specified

          Fiduciary Mandates for separate scheme called the Growth Plan

'Other (2)' specified

          DC Target Date Funds managed by a third party manager.

as broad ranges

06.2. Publish asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]

Our strategic aim for the DB growth fund which is 53% of our assets is to diversify away from equities We allocate to growth assets using five sub-portfolios, which do not necessarily fit well with the categories provided in the list above. We believe that the classification of our sub-portfolios best reflects that return characteristics of the group of assets in the underlying funds.

1. Equity

Investments in this sub-portfolio give schemes exposure to the equity risk premium, the additional rate of return investors require to compensate them for the risk of holding stocks as compared with holding a “risk free” asset.

2. Credit

Investments in this sub-portfolio give schemes exposure to the credit risk premium. This typically means investing in debt instruments that earn a return over the risk free rate (such as UK government bonds) in compensation for assuming the risk that a borrower will not meet their contractual repayments, of either interest or capital.

3. Market neutral

Investments in this sub-portfolio provide access to investment strategies that look to produce returns in a number of economic scenarios, generally without relying on positive performance of equity (and often credit) markets. The strategies in this sub-portfolio invest in a range of assets classes and instruments, and should not be considered an asset class in themselves; the main driver of return is a manager’s ability to successfully allocate across different types of assets.

4. Illiquidity

Investments in this sub-portfolio provide schemes access to investment strategies that look to invest in a range of illiquid assets, both equity and debt. By investing in these assets investors expect to earn a return superior to what would otherwise be available through holding more liquid securities that can be sold at short notice; this is referred to as the ‘illiquidity premium’.

5. Insurance

Investments in this sub-portfolio aim to give holders exposure to the insurance premium, where the return is derived from providing insurance to a third party. For example, TPT’s Insurance Linked Securities Manager earns a premium for providing insurance against damage caused to properties (residential or commercial) by natural catastrophes such as hurricanes or earthquakes.

OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Externally managed

95 SSA

0 Corporate (financial)

5 Corporate (non-financial)

0 Securitised

Total 100%

OO 08. Segregated mandates or pooled funds

New selection options have been added to this indicator. Please review your prefilled responses carefully.

Provide a breakdown of your organisation’s externally managed assets between segregated mandates and pooled funds.

Asset class breakdown	Segregated mandate(s)	Pooled fund(s)	Total of the asset class (each row adds up to 100%)
[a] Listed equity	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%
[b] Fixed income - SSA	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%
[d] Fixed income – Corporate (non-financial)	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%
[g] Property	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%
[h] Infrastructure	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%
[j] Hedge funds	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%
[o] Other (1), specify	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%
[p] Other (2), specify	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%

08.2. Additional information. [Optional]

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

Developed Markets	0% <10% 10-50% >50 %
Emerging, Frontier and Other Markets	0% <10% 10-50% >50 %
Total100%

09.2. Additional information. [Optional]

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