Investment structure refers to the way we spread our investments across different investment management companies. We usually use about 15 external investment managers to avoid being over-exposed to a particular house view.
Our investment structure has evolved over many years. In the 1980s we spread all our investments across several balanced investment managers. Following this we maintained a core of balanced investment managers but introduced several specialist managers. Now, all of our investment managers are specialists.
We provide our current investment managers with instructions on how to invest .
Our investment structure is reviewed regularly to ensure our investment objective - long term returns which exceed the growth in liabilities - is being met. The structure may be changed in response to events in global markets.
Jargon buster
Some of the terms used in investment can be confusing. Refer to our jargon buster to find out what they mean.