How we invest
Our investments
The fund value is approximately £20.9bn at March 2026
Most of the fund's assets are currently held in the National Loans Fund (NatLF), which is used to meet current and near-term liability payments. This allows the Mixed Assets Portfolio (MAP) to remain invested and continue growing.
Over time, as liability payments are made and the MAP grows, the balance between the two pools of assets is expected to change. The NatLF is currently expected to be fully utilised by the mid 2040s*, after which the MAP will fund the remaining liabilities.
*This timeline is expected to change over time and is dependent on factors such as future liability estimates and investment performance.