We invest the contributions that both employers and employees have made to the Fund over the years. Those have grown to several billion pounds in value, and they are invested in a range of assets globally.


We invest to grow the assets to ensure that the Fund has sufficient assets to pay pensions to members in retirement. 


We invest in a range of assets globally, including equities (company shares), real assets (such as infrastructure and commercial property), corporate and sovereign bonds. We expect each of these to generate a different return and risk profile, and by combining them in a diversified portfolio, they should support the desire of employers and employees for stability in the level of their contributions.  

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Investment Governance

The Pensions Committee is responsible for setting the Fund’s investment strategy. In addition as part of its collaboration with Falkirk Council Pension Fund and Fife Council Pension Fund, the Fund uses a Joint Investment Forum (JIF) to support its investment decision-making.

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Responsible Investment

We believe that environmental, social and governance issues can affect the financial performance of companies. We have a responsibility to take these issues seriously, to act where appropriate and to be good stewards of the capital we deploy.  


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To provide suitable investment strategies for the differing employer requirements, the Fund currently operates four investment strategies. 





Climate Change


In line with legal opinion on the matter and our commitment to the Principles for Responsible Investment (PRI), environmental, social and environmental considerations are incorporated into investment decision-making as we believe that they can impact the financial performance of investments.

Inhouse investment and ESG integration

Climate Change

As an existential threat, we recognise climate change as a critical factor affecting future investment returns. It is driving government policies, corporate actions, and investor behaviour.

Climate Change


Our ENGAGE publication, provides an insight into our approach to ESG and responsible investment activities, including voting and engagement. 


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