Fund Accounts

Investment management fees and tax are deducted from the applicable unit price for your option(s) before being applied to your account.

The abridged Financial Statement for the Fund is based on audited accounts. The Fund’s complete audited accounts are available for inspection by members on request.

Fund Reserves

Annual returns for each option are set closely in line with the actual investment return achieved on that option for the period concerned. However, a small reserve (generally less than 1% of assets) is maintained. The primary purpose of the reserve is to meet any operational or associated expenses incurred by the Fund or Trustee which are not met by the weekly administration fee deducted from members’ accounts.

Such expenses might include extra-ordinary items that could not reasonably have been foreseen when the annual budget was prepared and for the implementation of new products and services without the need for recovering such costs from members’accounts. The reserve will also be used to cover operational risk over and above projected normal liquidity requirements, to meet unexpected contingencies, or other required capital expenditure. The reserve may only be allocated with the authority of the Trustee.

The level of the reserve will be set at an amount as may be determined by the Trustee from time to time. The reserve is invested using an enhanced cash strategy.   

Reserve movements over the last three years are shown below: