This report shows public data only. Is this your organisation? If so, login here to view your full report.

Superannuation Arrangements of the University of London (SAUL)

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

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

01.3. Additional information. [Optional]

SAUL Trustee Company is Trustee and administrator of the Superannuation Arrangements of the University of London ("SAUL").  The Scheme started in 1976 and was established to provide retirement benefits for non-academic employees of the University, although all staff are eligible to join.  It covers 49 colleges and institutions that have links with higher education in the south-east of England, including most of the Colleges of the University of London, Imperial College, the Royal College of Art and the Universities of Kent and Essex.

SAUL is a multi-employer defined benefit occupational pension scheme set up under trust.  Changes to the benefit structure were introduced from 1 April 2016 that mean that benefits for all active members are now based on each member’s revalued average earnings while a member ("CARE").  In addition, benefits built up in the Final Salary section to 31 March 2016 are protected.  At the same time that benefits changed, SAUL’s employers agreed to increase their ongoing contributions to 16% while the member rate remained at 6%.  Contributions are pooled and invested to provide a fund out of which benefits are paid.  SAUL had over 58,000 members and assets of £3.6 billion as at 31 March 2019.

SAUL's vision - “to have a sustainable and affordable, well-managed Scheme that is valued by members and employers alike”.


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).

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

50 FTE

02.4. Additional information. [Optional]

The 50 employees quoted in indicator OO 02.3 includes SAUL's executive management team, in-house investment team, pension administration teams and other support teams.  The SAUL investment team is responsible for the day-to-day implementation and monitoring of SAUL's responsible investment, corporate governance policies and any responsible investment initiatives.  At 31 March 2019 the SAUL investment team had three staff; a Chief Investment Officer and two Investment Analysts.


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.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

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

31/03/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]

The total asset figure is taken from SAUL's 31 March 2019 annual report and accounts.  SAUL uses leverage (using gilt repo) to hedge the interest rate and inflation risks associated with the liabilities whilst also aiming to add to growth returns (using equity futures).  As a result, the total market exposure from £3.6 billion of assets was £5.2 billion at 31 March 2019.


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

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

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 10-50% 27
Fixed income 0 0 >50% 56
Private equity 0 0 <10% 5
Property 0 0 <10% 3
Infrastructure 0 0 <10% 4
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 <10% 5
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

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

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

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

The values provided above are based on invested capital only.  SAUL uses leverage (using gilt repo) to hedge the interest rate and inflation risks associated with the liabilities whilst also aiming to add to growth returns (using equity futures).  As a result, the total market exposure from £3.6 billion of assets was £5.2 billion at 31 March 2019.


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

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

93.2 Developed Markets
6.5 Emerging Markets
0.2 Frontier Markets
0.1 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


Top