Westcode Semiconductors Limited Pension Scheme Investment Implementation Document ("IID")
This Investment Implementation Document covers the Westcode Semiconductors Limited Pension Scheme (the "Scheme") and details the policy of the Trustees relating to the implementation of the Scheme's investment arrangements, based on the Principles set out in the Scheme's Statement of Investment Principles dated May 2024.
Investment strategy
The Scheme's current investment strategy is invested according to the following broad asset allocation:
| Manager |
Asset Class |
Fund Name |
Proportion (%) |
Expected Return (over Gilts1)% |
| LGIM |
LDI |
Matching Core Funds |
48% |
0.0% |
| M&G |
Multi-Asset Credit |
Total Return Credit Investment Fund |
25% |
2.6% |
| Aegon |
Asset-Backed Securities |
European ABS Fund |
27% |
2.0% |
| Total |
100% |
1.2% |
(1) 10 year assumptions as at 31 December 2023 relative to Bank of England 10 Year Gilts (net of management fees).
The expected returns shown in the above table represent long-term expectations of asset classes as a whole. Short-term returns in some asset classes may exhibit considerable variability.
Investment structure and mandates
The Trustees have appointed Mobius Life as the platform provider who in turn invests in the underlying pooled funds.
The Trustees have indirectly invested in pooled funds managed by the following investment managers. All the investment managers and platform provider are regulated under the Financial Services and Markets Act 2000.
| Investment Manager |
Proportion % |
| LGIM |
48% |
| M&G |
25% |
| Aegon |
27% |
| Total |
100% |
Mandate target returns, objectives and fees (p.a.)
Mobius Life (Platform Provider)
| Asset class |
Fees |
| Liquid Funds |
0.050% |
| Illiquid and Specialist Funds |
0.075% |
LGIM
| Asset class |
Benchmark |
Fees |
| LDI |
Gilts/swap yield |
0.21% |
M&G
| Asset class |
Benchmark |
Fees |
| Multi-Asset Credit |
1 Month SONIA + 3-5% p.a. |
0.40% |
Aegon
| Asset class |
Benchmark |
Fees |
| Asset-Backed Securities |
Bloomberg Barclays Capital Euro ABS Fixed and Floating Index |
0.33% |
Notes: Benchmarks are shown gross of fees. Fees are shown as Total Expense Ratio.