Croeso i wefan Cronfa Bensiwn Dyfed
Welcome to the Dyfed Pension Fund website

Glossary of Terms


An independent consultant who advises on the viability of the Fund. Every three years the actuary reviews the assets and liabilities of the Fund and reports to the County Council as administering authority on the financial position and the recommended employers contribution rates. This is known as the actuarial valuation.

Benchmark Return

The aim of the Fund Manager is to outperform the Benchmark return by 1%. The benchmark return is the return that would be achieved if the Fund Manager had not deviated from the weightings of each asset class given to them by the Investment Panel, and had achieved returns in each of these asset classes consistent with the average return of all Local Authority Funds for that class. The Benchmark weightings of asset classes is outlined within the Statement of Investment Principles.


Ordinary shares in UK and overseas companies traded on a recognized stock exchange. Shareholders have an interest in the profits of the company and are normally entitled to vote at shareholders' meetings.

Fixed Interest Securities

Investments in mainly government stocks, which guarantee a fixed rate of interest. The securities represent loans which are repayable at a stated future date but which can be traded on the Stock Exchange in the meantime.

Market Indicators

  • The movement in Stock market are monitored continuously by means of an Index made up of the current prices of a representative sample of stock.
  • Change in the rates at which currencies can be exchanged.


Market Value

The price at which an investment can be sold at a given date.


A collective term for all the investments held in a fund, market or sector.

Preserved Benefits

The pension benefit payable from normal retirement age to a member of the Fund who has ceased to contribute as a result of leaving employment or opting out of the Pension scheme before normal retirement age.


The total gain from holding an investment over a given period, including income and increase (decrease) in market value.

Transfer Value

Payments made between funds when contributors leave service with one employer and decide to take the value of their contributions to their new fund.

Unrealised Increase/ Decrease in Market Value

The increase/decrease in market value, since the purchase date, of those investments held at the year end.