The Fund offers a mix of investments that have the potential to provide suitable returns in line with the performance objectives over the long term.

When your employer contributes on your behalf to the Fund, the contribution (less Fund expenses and contributions towards death benefits) is paid into an investment portfolio. A portfolio will contain a range of different investment types - such as shares, bonds, cash and property. Shares give you access to high rewards from the equity market, while bonds and cash provide a safe foundation.

The Fund follows a default Life Stage investment strategy. This means that your portfolio is structured according to how far or how close you are to retirement. Your money is moved automatically as you approach your planned retirement date.

In other words, when you reach a certain age, the Fund will start moving your money into safer portfolios by degrees, thus protecting you from market fluctuations. The graph below depicts the Life Stage 65 model:

What fees are charged for the various portfolios?

	Inflation Target Portfolio	Stable Portfolio	Income Protection Portfolio	Pensioner Portfolio
Base fee	0.47%	0.44%	0.15%	0.21%
Trading costs	0.13%	0.10%	0.02%	0.01%
Expected performance fee	0.04%	0.03%	0.00%	0.04%
Total expected TIC (total investment charge) including performance fees	0.64%	0.57%	0.17%	0.26%