Quarterly Investment Bulletin
For October 2013 –
Pensions Funds
Pensions Managed Fund
The Managed Fund can invest in all asset classes. The Pension Managed Fund is the vehicle for customers to choose if they wish to leave the
investment decisions to the fund managers. The aim of the Fund is to produce capital growth by investing the fund in a selection of the other
funds and other investments, which will vary from time to time according to market conditions.
Average annual past performance of the fund over
Pensions
Managed
Accumulation
Series
1
1A
1B
2
2E
3
4
5
Past performance of the fund in each of the last five
years to the end of September
1 year
ending
30/09/13
2 years
ending
30/09/13
3 years
ending
30/09/13
4 years
ending
30/09/13
5 years
ending
30/09/13
30/09/12
to
30/09/13
30/09/11
to
30/09/12
30/09/10
to
30/09/11
30/09/09
to
30/09/10
30/09/08
to
30/09/09
14.0%
14.0%
14.0%
13.1%
13.1%
13.7%
14.4%
13.3%
12.2%
12.2%
12.2%
11.3%
11.3%
11.9%
12.5%
11.5%
7.1%
7.1%
7.1%
6.3%
6.3%
6.9%
7.5%
6.5%
8.4%
8.4%
8.4%
7.6%
7.6%
8.1%
8.8%
7.8%
8.9%
8.9%
8.9%
8.1%
8.4%
8.9%
9.3%
8.3%
14.0%
14.0%
14.0%
13.1%
13.1%
13.7%
14.4%
13.3%
10.4%
10.4%
10.4%
9.6%
9.5%
10.1%
10.7%
9.8%
-2.3%
-2.3%
-2.3%
-3.0%
-3.0%
-2.5%
-1.9%
-2.8%
12.3%
12.3%
12.3%
11.5%
11.5%
12.0%
12.6%
11.7%
11.1%
11.1%
11.1%
10.3%
11.9%
12.1%
11.5%
10.5%
Risk rating : Medium
See Important Information
Pensions Equity Fund
The Equity Fund is invested in The British Life Unit Trust and subject to the allocation decisions of that trust. The fund will normally hold up to
5% in cash to fund routine management activity. In exceptional circumstances when there is a large volume of withdrawals this can be
increased to 10%
Average annual past performance of the fund over
Pensions
Equity
Accumulation
Series
1
2
2E
3
5
Past performance of the fund in each of the last five
years to the end of September
1 year
ending
30/09/13
2 years
ending
30/09/13
3 years
ending
30/09/13
4 years
ending
30/09/13
5 years
ending
30/09/13
30/09/12
to
30/09/13
30/09/11
to
30/09/12
30/09/10
to
30/09/11
30/09/09
to
30/09/10
30/09/08
to
30/09/09
15.0%
14.2%
14.2%
14.5%
14.4%
13.8%
12.9%
12.9%
13.2%
13.1%
7.4%
6.6%
6.6%
6.8%
6.8%
7.6%
6.8%
6.8%
7.0%
7.0%
8.3%
7.4%
7.5%
7.7%
15.0%
14.2%
14.2%
14.5%
14.4%
12.5%
11.6%
11.6%
11.9%
11.9%
-4.3%
-5.0%
-5.0%
-4.8%
-4.8%
8.0%
7.3%
7.2%
7.4%
7.5%
11.1%
10.2%
10.5%
10.5%
Risk rating : Higher
See Important Information
Past performance information should be read in conjunction with the Important Information on page 3.
Calls may be recorded for training and monitoring purposes
The Reliance Mutual Group includes: Reliance Mutual Insurance Society Limited – Registered No. 491580, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority; Reliance Unit Managers Limited - Registered No. 724451, authorised and regulated by the Financial Conduct Authority; and Reliance
Administration Services Limited – Registered No. 3710407, authorised and regulated by the Financial Conduct Authority. All are registered in England at Reliance House, 6 Vale Avenue, Tunbridge
Wells, Kent TN1 1RG
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Pensions Index Linked Fund
The Index Linked Fund invests in gilt-edged securities issued by the British government, which provide a return to the fund linked to the
increase in the retail price index. The fund may also invest in index-linked stock issued denominated in sterling but issued by overseas
governments or supranational authorities such as the World Bank or the European Investment Bank. The capital values of stocks will vary
according to demand and market conditions and this will affect the value of the fund. A proportion of the fund will be held in cash deposits
from time to time if suitable investment opportunities are not available.
Average annual past performance of the fund over
Pensions
Index Linked
Accumulation
Series
1
2
3
Past performance of the fund in each of the last five
years to the end of September
1 year
ending
30/09/13
2 years
ending
30/09/13
3 years
ending
30/09/13
4 years
ending
30/09/13
5 years
ending
30/09/13
30/09/12
to
30/09/13
30/09/11
to
30/09/12
30/09/10
to
30/09/11
30/09/09
to
30/09/10
30/09/08
to
30/09/09
1.1%
0.4%
0.9%
1.9%
1.2%
1.7%
3.6%
2.9%
3.4%
5.4%
4.7%
5.2%
5.0%
4.2%
4.7%
1.1%
0.4%
0.9%
2.7%
2.0%
2.5%
7.1%
6.3%
6.8%
11.1%
10.3%
10.8%
3.2%
2.4%
2.9%
Risk rating : Medium
See Important Information
Pensions Fixed Interest Fund
The Fixed Interest Fund is invested in gilt-edged securities issued by the British government, which offer capital growth and income for
reinvestment. The fund managers also take opportunities for capital gains that may arise as a result of fluctuating interest rates. Other fixed
interest investments and cash may be selected from time to time.
Average annual past performance of the fund over
Pensions Fixed
Interest
Accumulation
Series
1
1A
2
3
Past performance of the fund in each of the last five
years to the end of September
1 year
ending
30/09/13
2 years
ending
30/09/13
3 years
ending
30/09/13
4 years
ending
30/09/13
5 years
ending
30/09/13
30/09/12
to
30/09/13
30/09/11
to
30/09/12
30/09/10
to
30/09/11
30/09/09
to
30/09/10
30/09/08
to
30/09/09
-3.0%
-3.0%
-3.1%
-3.3%
2.5%
2.5%
2.8%
2.2%
4.2%
4.2%
4.7%
3.9%
4.5%
4.5%
3.8%
4.2%
5.6%
5.6%
5.0%
5.4%
-3.0%
-3.0%
-3.1%
-3.3%
8.3%
8.3%
9.1%
8.0%
7.6%
7.6%
8.6%
7.3%
5.5%
5.5%
1.3%
5.2%
10.2%
10.2%
9.6%
10.0%
Risk rating : Medium
See Important Information
Pensions Deposit Fund
The Deposit Fund is primarily invested in cash deposits with leading banks and other financial institutions in the United Kingdom at the highest
available interest rates consistent with maintaining maximum security of capital. The fund may also invest in UK Treasury bills, certificates of
deposit and Sterling floating rate notes. The fund should not be regarded as a long-term investment but is particularly suitable to preserve the
value of investments when the investment outlook is uncertain.
Average annual past performance of the fund over
Pensions
Deposit
Accumulation
Series
1
1A
2
3
Past performance of the fund in each of the last five
years to the end of September
1 year
ending
30/09/13
2 years
ending
30/09/13
3 years
ending
30/09/13
4 years
ending
30/09/13
5 years
ending
30/09/13
30/09/12
to
30/09/13
30/09/11
to
30/09/12
30/09/10
to
30/09/11
30/09/09
to
30/09/10
30/09/08
to
30/09/09
0.5%
0.5%
0.4%
0.3%
0.6%
0.6%
0.6%
0.3%
0.4%
0.4%
0.4%
0.2%
0.4%
0.4%
0.3%
0.2%
0.7%
0.7%
0.5%
0.5%
0.5%
0.5%
0.4%
0.3%
0.7%
0.7%
0.8%
0.3%
0.1%
0.1%
0.0%
0.0%
0.3%
0.3%
0.0%
0.1%
2.0%
2.0%
1.4%
1.8%
Risk rating : Minimal
See Important Information
Past performance information should be read in conjunction with the Important Information on page 3.
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Important Information

This bulletin is for information only and should not be relied upon to make future investment decisions.

It is important to remember that past performance is not a reliable indicator of future performance.

The prices of investments in the Deposit Accumulation funds are guaranteed not to fall. The prices of investments in the other funds may
fall as well as rise and are not guaranteed.

Reliance Mutual risk ratings are to help provide an indication of the potential level of risk and reward that is attributed to a fund based on
the type of assets which may be held within a fund. Different companies may use different descriptions and as such these risk ratings
should not be considered as generic across the fund management industry.

Funds that include investment overseas may be affected by changes in currency exchange rates.

For advice on the suitability of any fund for your circumstances, please contact your financial adviser.

The fund performance figures above do not relate to specific policies and do not therefore take into account any policy-related charges
that may be payable. Fund performance is calculated on a bid to bid basis.

Prices for all our funds are available from our website at www.reliancemutual.co.uk

Contact us at Reliance Mutual Insurance Society Limited, Reliance House, 6 Vale Avenue, Tunbridge Wells, Kent TN1 1RG by telephone
01892 510033 or email to contact@reliancemutual.co.uk.
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