Clarification of DC Fund performance in the paper version of Overview

We have received a couple of queries from members with regard to the performance chart on page 6 of this year’s paper version of the newsletter. Whilst the chart is factually correct, on reflection, the way the information has been presented may not be as clear as was intended. Those eagle-eyed amongst you will have noticed that the scale for positive returns is larger than the scale used for negative returns, with the result that the negative returns, if looked at without reference to the scale appear smaller than they were in reality. Below we have replicated the chart, this time using an similar scale for both positive and negative returns. The chart in the digital version of Overview presents this information differently and therefore more accurately reflects the actual returns.

We apologise if the chart included within the published paper version of Overview has caused any confusion.