The fund aims to produce investment returns within a range of between 1% and 5% of a composite benchmark of 55% FTSE All Share Index and 45% FTSE A World (ex UK) Index.

The fund invests in unit linked collective investment funds with an active management style. Depending on underlying market conditions the fund's annualised performance will track within a range of between 1% and 5% of a composite benchmark of 55% FTSE All Share Index and 45% FTSE World (ex UK) Index measured on a rolling 3 year basis.

The fund aims to achieve a degree of outperformance within a lower risk framework by investing between five investment managers. Around 50% of the investments are allocated to a passive manager and the other 50% are divided between four active managers. A passive manager aims to track the performance of a particular index so reducing the risk to the fund.

The active managers are GMO and Baillie Gifford, who invest in UK equities, and Edinburgh Partners and Marvin & Palmer, who invest in overseas equities. The passive manager is Barclays Global Investors. Around 60% of the fund is invested in UK companies and 40% to overseas companies.

This approach allows investors to take advantage of the benefits of various investment styles and to access global investment markets, while reducing the risk of being unduly exposed to one particular style.