The Kelda Group Pension Plan’s Annual Report and Financial Statements for the year ended 31 March 2025, recently published, details a strategic shift in asset allocation and manager appointments.
Strategic Allocation Adjustments
Subsequent to the fiscal year ended 31 March 2025, the Trustee implemented a strategic asset allocation change. The LDI and cash allocation was reduced from 30% to 25%, and a new 5% allocation to long lease property was introduced. To fund this change, approximately £40 million was disinvested from the Insight LDI and cash portfolio, with the remaining amount taken from surplus cash held in the Trustee bank account. The proceeds were used to acquire units in the Aviva Lime Property Fund on the secondary market during April and May 2025, establishing the new long lease property allocation. (Page 13)
Manager Appointments and Disinvestments
During the year ended 31 March 2025, the Plan disinvested assets from Legal & General Assurance (Pensions Management) Limited, transferring them to Insight Investment Management Limited. (Page 6)
Aviva Investors Global Services Limited was appointed as an investment manager on 21 March 2025. (Page 4)
Subsequent to the year end, in April and May 2025, the Trustee purchased units in the Aviva Lime Property fund (Long Lease Property) with transactions made on the Secondary Market. (Page 6)
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