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Investment changes (AVCs)

Updates to your Additional Voluntary Contribution options

We’ve made the following changes to the Additional Voluntary Contribution (AVC) investment options available to you:

  • Introduced four new investment funds

  • Replaced the underlying managers for some of the funds

Within this page, we’ve presented a helpful summary. Please refer to the AVC Guide for more information about your investment options.

We’ve added four new funds for you to choose from, bringing the total number to seventeen:

PSPS Impact Equity - active

Investing entirely in the Wellington Global Impact Fund which aims to generate a financial return alongside a positive measurable societal and environmental impact.

The Annual Management Charge (AMC) will be 0.79% p.a.

PSPS Diversified Liquid Alternatives – active

Investing entirely in the Appointing Fulcrum Diversified Liquid Alternatives Fund, an unconstrained, liquid portfolio investing across Real Assets, Alternative Credit and Diversifiers.

The AMC will be 0.80% p.a.

PSPS Islamic Global Equity – passive

Investing entirely in the HSBC Islamic Global Equity Index Fund, which meets Islamic investment principles as interpreted and laid down by HSBC’s Shariah Supervisory Committee.

The AMC will be 0.35% p.a.

PSPS Sustainable Equity - passive

Investing entirely in the LGIM Future World Global Equity Index Fund. This index aims to provide exposure to developed and emerging markets while reflecting significant environmental, social and corporate governance issues.

The AMC will be 0.26% p.a.

Fund factsheets provide more detail regarding the individual funds including key facts and performance as well as more general information. The new fund factsheets will be available on the DC Section of the Scheme website later this year.

Each of the AVC investment funds is a bespoke fund created for members of the Scheme. As such, the assets are invested with one or more underlying investment funds. We’ve made several changes to these underlying investment funds:

PSPS Global Equity – active

We’ve replaced KBI ACWI with LGIM RAFI Fundamental Global Reduced Carbon Pathway Equity Index Fund. The fund will continue to invest in the other two underlying investment funds. The ratio of investment across the three underlying funds is:

  • 37.5% in MFS Meridian Global Equity fund
  • 25% in Baillie Gifford Long Term Global Growth fund
  • 37.5% in LGIM RAFI Fundamental Global Reduced Carbon Pathway Equity Index Fund

The AMC has reduced from 0.64% p.a. to 0.55% p.a.

PSPS Diversified Growth – active

Nordea Diversified Return Fund has replaced Invesco GTRS. The ratio of investment is split equally across the three underlying funds:

  • Nordea Diversified Return Fund
  • Schroders Sustainable Future Multi Asset Fund
  • M&G Episode Allocation Fund

The AMC has increased from 0.45% p.a. to 0.47% p.a.

PSPS Emerging Markets Equity - active

We’ve removed GW&K Trilogy Emerging Markets Fund. As a result, this fund now invests entirely in the RBC Emerging Markets Equity Fund.

The AMC remains at 1.00% p.a.

PSPS Overseas Equity – passive

We’ve replaced the M&G Oversea Equity Passive Fund with a new combination of funds:

  • 88% in BlackRock Aquila World ex UK Equity Fund
  • 12% in BlackRock Aquila Emerging Markets Equity Fund

The AMC has reduced from 0.15% to 0.05% p.a.

You can find out more information about AVCs and how to make your contributions in the ‘Guide to the Defined Benefit Section’s Additional Voluntary Contribution (AVC) arrangements’. The first step is to complete an AVC application form held on the Scheme website,, and the guide will take you through the process step by step.

AVC Guide