To achieve capital growth over a period of five years or more. The portfolio is diversified across asset classes, with exposure to equities between 80% and 100% and with volatility of between 15% and 19%.* * The volatility range is a target, based on long term actuarial assumptions and the Fund is managed to stay within this range most of the time. The volatility range is regularly reviewed and may change from time to time due to changes in these assumptions. The performance comparator is IA Flexible Investment Sector average performance. This sector is considered appropriate on the basis that the Fund’s equity exposure over time is expected to be similar to that of the average fund in this Sector. The Fund is not managed with reference to a benchmark.