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30 September 2026 Marketing Communication
0
3
6
9
%
Strategy Gros s Strategy Ne t Benchmark Difference from Benchmark
1 Ye Year 3 Ye Years 5 Ye Years Since Inception
0.3 0 0.0 1
0.49 0.20
1.4 0 1.0 6
1.8 0 1.4 0
Performance
Annualised Performance Benchmark Strategy Gross Difference Strategy Net Difference 1 Year (%) 4.76 6.57 1.80 6.16 1.40 3 Years (% p.a.) 6.86 8.26 1.40 7.92 1.06 5 Years (% p.a.) 1.73 2.22 0.49 1.93 0.20 Since Inception (% p.a.) 3.69 3.99 0.30 3.69 0.01 Cumulative 3 Months (%) -0.53 -0.40 0.12 -0.45 0.08 1 Year (%) 4.76 6.57 1.80 6.16 1.40 3 Years (%) 22.04 26.90 4.87 25.71 3.67 5 Years (%) 8.97 11.62 2.65 10.03 1.06 Since Inception (%) 50.96 56.00 5.03 51.08 0.11 Calendar 2026 (year to date) 2.60 3.75 1.16 3.43 0.83 2025 7.41 8.18 0.77 8.10 0.70 2024 4.51 5.60 1.09 5.31 0.80 2023 7.95 9.05 1.11 8.78 0.83 2022 -13.73 -15.48 -1.75 -15.69 -1.96 2021 2.03 4.50 2.47 4.23 2.20 2020 6.74 6.58 -0.17 6.08 -0.67 2019 8.85 10.44 1.59 10.44 1.60 2018 -1.10 -1.68 -0.58 -1.93 -0.83 2017 6.12 6.73 0.61 6.40 0.28 Past performance is not a guarantee of future results. Performance returns for periods of less than one year are not annualised. The Sub-Fund returns are gross of fees (based on unit price) and net of irrecoverable withholding tax. The performance includes the reinvestment of dividends and other corporate earnings and is calculated in GBP. Index returns reflect capital gains and losses, income, and the reinvestment of dividends. When the Sub-Fund is closed according to its official NAV calendar but, nonetheless, a significant portion of the underlying security prices can be determined, a technical net asset value is official Net Asset Value ("NAV") of the Sub-Fund as at each other Business Day for the relevant period. The performance figures contained herein are provided on a gross and net of fees basis, gross of fees do not and net of fees do reflect the deduction of advisory or other fees which could reduce the return. Where performance is quoted as net, this is based on a swung price (includes the bid-offer spread). Where performance is quoted as gross, this is based on the mid price. The calculation method for value added returns may show rounding differences. All data is as at 30/09/2026. Source: State Street Investment Management, 30th September 2026.
Multi-Asset Class
Timewise Retirement Access Sub-Fund Managed Pension Fund
Fund Objective The Sub-Fund seeks to provide a balance between capital growth and capital preservation, taking into account State Street Global Advisors Limited’s (“SSGA”) view of what investments it believes are typically appropriate for an investor in a UK pension fund who has retired at normal retirement age (typically at 60-70 years of age) and who wants to maintain capital markets exposure. The Sub-Fund is intended to support income drawdown but may also maintain potential for growth. SSGA will use proprietary valuation models and may select a wide range of asset classes and instruments, including derivatives, across different geographical regions to design the portfolio while providing policyholders the ability to purchase and redeem units on an “as of” basis. Investment Policy The asset allocation and risk profile of the Sub-Fund will vary over time depending upon SSGA’s view of what investments it then believes are typically appropriate for an investor in a UK pension fund who has retired at normal retirement age and who wants to maintain capital markets exposure. In deciding what investments it believes are typically appropriate for such a person, SSGA may take into account whether such a person has or will typically purchase an annuity, marketevents, changes in average life expectancy, inflation, applicable law and regulation, as well as other circumstances deemed relevant by SSGA. Performance Benchmark The benchmark for performance measurement purposes is a custom benchmark based on the Sub-Fund asset allocation of the Portfolio. Structure Limited Liability Insurance Company Domicile United Kingdom Investment Manager State Street Global Advisors Limited
Fund Facts NAV 1.52 GBP as of 30 September 2026 Currency GBP Net Assets (millions) 18.37 GBP as of 30 September 2026 Inception Date 15 May 2015 Zone United Kingdom Settlement DD+4 Notification Deadline DD 09:30am London Valuation Market Close Swing Factor Minimum Initial Investment
N/A
Minimum Subsequent Investment
N/A
TER Max 0.25%
The Sub-Fund is only available for investment by defined contribution pension schemes and by insurance companies seeking to reinsure liabilities relating to defined contribution pension schemes.
Fund Facts indicative as at the date of this factsheet and are subject to change. Source, State Street Investment Management . All data is as at 30th September 2026
Previous to 01 July 2025, the Fund was known as Timewise Target Retirement Choice Sub-Fund
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Timewise Retirement Access Sub-Fund 30 September 2026 State Street Investment Management
Market Review Global economic activity strengthened during the third quarter, supported by resilient services and continued manufacturing expansion, although labor markets showed signs of moderation and higher energy and input costs renewed inflation pressures. The US economy remained resilient but increasingly reliant on AI-related investment rather than broad-based demand. Softer inflation and labor-market data reduced the urgency for further Fed tightening, although policy was expected to remain restrictive as inflation gradually moderated. In Europe and the UK, policymakers continued to balance subdued growth against energy-driven inflation. Eurozone activity held up better than feared but lacked momentum, while the UK faced greater pressure from high borrowing costs, weak housing activity and slowing labor demand. Across Asia-Pacific, policy paths diverged: Japan’s inflation and corporate backdrop supported gradual BoJ normalization, while weak consumption argued against urgency. China continued to prioritize growth support through fiscal stimulus and targeted property measures, while elevated inflation kept the RBA biased toward further tightening. Canada faced a softer outlook amid slowing domestic demand and housing activity. Risk assets delivered mixed performance during the quarter as resilient growth, strong corporate earnings and continued AI-related investment supported equities, while rising US Treasury yields and higher energy prices weighed on sentiment. Developed market equities outperformed emerging markets, while value outperformed growth. The S&P 500 earnings backdrop remained strong, with Q3 earnings growth expected to remain robust and positive corporate guidance exceeding negative guidance. Valuations remained broadly around longer-term averages. Fixed income posted negative returns as US Treasury yields rose sharply, particularly at the short end, reflecting expectations that monetary policy would remain restrictive. Commodities advanced strongly, led by energy, as higher prices reinforced inflation concerns, while the US dollar strengthened modestly. Overall, markets reflected a tension between resilient economic and corporate fundamentals and the prospect of interest rates remaining higher for longer. Global Equities Global equities advanced modestly in Q3 2026, supported by resilient economic activity, strong corporate earnings and continued AI-related investment, despite higher bond yields, inflation concerns and geopolitical tensions. The FTSE AW World Index gained 1.6% over the quarter and 18.7% year to date. Improving earnings expectations supported equity resilience, particularly in the US and emerging markets. Market leadership broadened, with technology remaining a key contributor alongside improving performance from energy and financials. Developed markets generally outperformed emerging markets, while tighter monetary policy and higher interest rates remained headwinds for valuations, contributing to varied performance across regions and sectors. UK equities, were relatively resilient during the quarter, with the FTSE All-Share Index returning +2.8%. The market benefited from its greater exposure to Financials, Energy, and other value-oriented sectors, while attractive valuations and strong dividend support also contributed to performance. Compared with continental Europe, UK equities were better positioned to navigate the higher-rate environment and shifting market leadership away from growth-oriented sectors. European equities underperformed broader developed markets during the third quarter of 2026, with the MSCI Europe Index declining 1.9%. Performance was weighed down by rising interest rates, concerns around the earnings outlook, and the region's relatively limited exposure to the AI-driven investment themes that continued to support equity markets elsewhere. Sector performance reflected the higher-rate environment, with Value outperforming Growth and Financials benefiting,more rate-sensitive areas lagged. Investors remained focused on earnings momentum and AI-related opportunities, where European companies offered less direct exposure than US and Asian peers. The ECB’s continued tightening contributed to higher yields and concerns over the impact
of restrictive policy on growth and valuations. Nevertheless, resilient corporate earnings helped limit downside pressure across European equity markets during the quarter. US equities, delivered positive returns in the third quarter of 2026, with the S&P 500 returning +2.2%, supported by resilient economic activity, robust corporate earnings, and continued investment related to artificial intelligence (AI). The index reached multiple record highs during the quarter as investors responded positively to improving earnings expectations and ongoing strength in business investment. Technology led returns as AI investment supported earnings, while leadership broadened to Financials and cyclical sectors despite higher rates and a hawkish policy backdrop.. Canadian, equities also advanced during the quarter, with the FTSE Canada Index returning +1.5%. Performance was supported by strength in Financials and other value-oriented sectors, which benefited from resilient economic growth and the higher rate environment. Compared with the US market, Canadian equity returns were less dependent on AI-related leadership and reflected broader sector participation. Within Asia-Pacific equities, the MSCI AC Asia Pacific Index returned 1.76% in USD terms during the third quarter of 2026. Market performance reflected a balance between resilient corporate earnings and continued investment in AI-related technologies on the one hand, and the headwinds of higher interest rates and tighter financial conditions on the other. Japan and Australia posted modest gains during the quarter, while performance across several Asian markets was more mixed. Elsewhere, Hong Kong equities lagged regional peers, reflecting continued investor caution toward mainland China growth prospects and a more challenging earnings environment. EM equities were modestly weaker in the third quarter of 2026, with the FTSE AW Emerging Index returning 1.6%. Market performance was mixed across regions, as resilient corporate earnings and continued investor interest in technology-related beneficiaries of the AI investment cycle were offset by higher interest rates, tighter financial conditions, and divergent economic trends across emerging markets. Returns were notably below the strong gains recorded earlier in the year. Emerging market performance varied significantly. China and Taiwan gained on policy support and AI demand, while Korea and India declined. Technology remained an important contributor, with leadership broadening across sectors and regions. MENA equity markets delivered mixed performance in the third quarter of 2026. The MSCI GCC Countries Domestic Index returned 0.30% in US-dollar terms, reflecting a balance between generally resilient corporate fundamentals and ongoing geopolitical uncertainty. Performance varied across the region, with strength in select Gulf markets offset by weakness elsewhere, while investor sentiment remained cautious amid tighter global financial conditions. GCC equities faced geopolitical uncertainty despite resilient earnings. African markets diverged, with Egypt weakening amid volatility while South Africa advanced. Across the region, corporate fundamentals, economic prospects and country-specific developments remained key performance drivers. Bonds Global fixed income declined in Q3 2026 as higher sovereign yields outweighed carry and spread income. The Bloomberg Global Aggregate Index fell 2.5%, with losses across Treasuries, government-related bonds, corporates and securitized assets. Higher energy prices, geopolitical uncertainty and persistent inflation increased pressure on duration, while resilient economic activity supported risk assets. The Global Aggregate yield rose to 4.44%, alongside higher Treasury and corporate yields and wider credit spreads. High yield also declined but proved relatively resilient compared with securitized assets. Policy divergence remained important as the Federal Reserve, ECB, Bank of Japan and Reserve Bank of Australia tightened policy during the quarter, while the Bank of England held rates unchanged. US fixed income also weakened as higher inflation risks and the Federal Reserve’s September rate increase pushed Treasury yields higher. The 2-year Treasury yield
Asset Allocation Fund (%) MPF Sterling Non-Gilts Bond All Stocks 27.70 MPF Dynamic Diversified Fund 19.90 SSgA Global Aggregate Bond Index Fund 12.56 SPDR BBG 0-5 Year Sterling Corp Bd ETF 10.07 MPF AW Dev Hedged Target Volatility 6.37 MPF Sterling Liquidity Index 5.03 MPF UK Index Linked Gilts All Stocks 5.00 SS ACS MF GLBL ESG EQTY INDX FD 3.75 State Street EM L Cur Govt Bd USD (9TDCB) 2.57 State Street Global High Yield Bond ESG 2.51 World TPI Climate Transition Indx Eq 1.87 MPF North America 100% Hedged ESG Screened 1.36 MPF Emerging Markets Equity Target Volatility 1.12 MPF Europe ex-UK 100% Hedged 0.23 MPF Japan (100% Hedged) ESG Screened 0.13 MPF Asia Pac ex Japan Eq 100% Hgd 0.10 MPF UK EQUITY INDEX 0.06 MPF Middle East Africa Fund 0.01 Cash -0.34 Source: State Street Investment Management , 30th September 2026. Note: Rounding differences may occur as asset values are calculated to greater than one decimal place. Allocation are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.
MPF Sterling Non-Gilts Bond All Stocks MPF Dynamic Diversied Fund SSgA Global Aggregate Bond Index Fund SPDR BBG 0-5 Ye Year Sterling Corp Bd ETF MPF AW Dev Hedged Ta Target Vo Volatility MPF Sterling Liquidity Inde x MPF UK Index Linked Gilts All Stocks SS ACS MF GLBL ESG EQTY INDX FD State Street EM L Cur Govt Bd USD (9TDCB) State Street Global High Y ield Bond ES G M PF North Amer i ca 100% Hedged E SG S creened M PF Emerg i ng Markets Equ i ty Ta Target Vo Volat i l i t y MPF Europe ex-UK 100% Hedged MPF Japan (100% Hedged) ESG Screened MPF Asia Pac ex Japan Eq 100% Hgd MPF UK EQUITY INDEX MPF Middle East Africa Fund Cash
Page 3
Timewise Retirement Access Sub-Fund 30 September 2026 State Street Investment Management
rose to 4.89%, while the 10-year yield increased to 5.28%, resulting in modest curve steepening. Credit markets faced pressure from both higher underlying rates and wider risk premia, although issuer-level dispersion remained significant rather than signalling broad fundamental deterioration. High yield held up comparatively better, despite widening spreads and an increase in issuers trading at distressed levels. Investment-grade credit issuance remained robust, with Q3 fixed-rate gross issuance reaching USD 560.8 billion and net supply USD 242.5 billion. Year-to-date gross issuance reached USD 1.88 trillion, materially ahead of the comparable 2025 period, reflecting substantial supply despite higher financing costs. Industrials and Financials accounted for the majority of issuance, while single-A and Baa-rated borrowers dominated by quality. TIPS also faced pressure from rising real and nominal yields. In September, the broad TIPS Index returned −3.34% in USD terms and modestly underperformed comparable Treasuries, while the 1–10-year segment declined 2.14% in USD terms. Inflation remained elevated, with headline US PCE inflation at 3.4% year over year in August and core PCE at 3.0%, reinforcing the challenging backdrop for US fixed income
Commodities and Real Estate Investment Trusts (REITs) Commodities, delivered a strong advance in the third quarter of 2026, with the Bloomberg Commodity Index Total Return Index rising 16.1%. Quarterly returns were positive across energy, agriculture, industrial metals and precious metals, while livestock declined. Energy recorded the largest sector gain, followed by agriculture, while industrial and precious metals posted smaller positive returns. September was more varied: energy and the broad commodity index advanced, whereas agriculture, industrial metals and precious metals declined, and livestock rose modestly. Overall, quarterly data show positive commodity performance alongside differing sector trends in September. Energy led commodity returns as supply disruptions and tighter inventories supported prices. Agriculture also gained despite September weakness, while industrial and precious metals rose modestly. Livestock underperformed, declining over the quarter despite a small September recovery. REITs declined as yields moved higher, with the FTSE EPRA Nareit Developed Real Estate Index falling 5.6%. All REIT sectors posted negative returns, with specialty, retail, and residential being the worst performers.
Asset Allocation The State Street MPF Dynamic Diversified Fund began the quarter with approximately 89% allocated to growth assets. In July, equity markets lost some momentum as tensions between the US and Iran renewed and pushed oil prices higher, reviving inflation concerns and contributing to rising bond yields. While energy stocks benefited from the shift, technology and semiconductor shares came under pressure, leaving major US equity indices broadly flat. Despite the volatility, resilient corporate earnings and solid economic data helped prevent a broader market sell-off. Throughout the month the team slightly reduced EM equity exposure in favour of cash. In August, markets stabilized with investors refocusing on resilient economic growth and a supportive earnings backdrop. Strong corporate results and continued business investment helped sustain risk appetite, although gains became more selective as higher bond yields and persistent inflation limited valuation expansion. Fixed income markets remained under pressure as investors pushed back expectations for rate cuts and adjusted to a higher-for-longer policy outlook, keeping sovereign yields on an upward trend. While enthusiasm around AI-related investment remained a key market theme, performance broadened beyond the largest technology companies as investors sought opportunities across a wider range of sectors and regions. The team made minor changes, increasing EM exposure while reducing Developed Equity and Alternative exposure. In September, markets faced a more challenging environment as rising energy prices, persistent inflation, and renewed geopolitical tensions pushed bond yields sharply higher. Investors adjusted to the prospect of interest rates remaining elevated for longer, leading to weakness in fixed income and greater dispersion across equity markets. Energy stocks benefited from higher oil prices, while rate-sensitive sectors lagged as tighter financial conditions weighed on sentiment. The fund ended the quarter with approximately 87% allocated to growth assets
Source: Bloomberg, FactSet, J.P. Morgan, Barclays, Morgan Stanley, Wall Street Journal, Barron's, Nareit, MSCI, S&P Global, and FTSE, as of 30th September 2026. All performance cited is calculated in GBP unless otherwise stated. Source: Bloomberg, FactSet, J.P. Morgan, Barclays, Morgan Stanley, Wall Street Journal, Barron's, Nareit, MSCI, S&P Global, and FTSE, as of 30 September 2026. Benchmark returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. The calculation method for value added returns may show rounding differences.
Page 4
Timewise Retirement Access Sub-Fund 30 September 2026 State Street Investment Management
For investors in the United Kingdom: This document is issued by State Street Global Advisors Limited (SSGA), a limited liability company incorporated under the laws of England and W ales and having its registered office at 20 Churchill Place, Canary Wharf, London, E14 5HJ; registered no. 2509928; VAT no. 5776591 81. Telephone: +44 (0) 20 3395 6000. Facsimile: 020 3395 6350. Web: www.ssga. com. Authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 146665). Investing in the Sub-Fund is effected by means of a contract of linked long-term insurance issued by Managed Pension Funds Limited (MPF). MPF and State Street Investment Management are wholly ow ned subsidiaries of State Street Corporation. State Street Investment Management is not contractually obliged to conduct its insurance mediation business exclusively with one or more insurers and does not p rovide any advice on contracts of insurance. Nonetheless, State Street Investment Management's insurance intermediation services are only provided in relation to contracts of insurance provided by MPF . The Sub-Fund is available to pension schemes registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circula ted to the trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority) . It should not be circulated to or relied upon by any other persons, including scheme members. Scheme members should consult with their employer or scheme trustee. If you have a complaint about any matter relating to this product, you should contact your representative at State Street Investment Management using the contact details provided above. It is State Street Investment Management's policy to fairly, consistently and promptly assess under the circumstances the subject matter of all complaints and, where warranted, to consider what remedial action or redress may be appropriate, taking into account all relevant factors. A copy of State Street Investment Management's internal complaints procedure is available on request. In determining which investments are appropriate for the Sub-Fund, State Street Investment Management does not take into account any individual's personal circumstances. Before you invest in the Sub -Fund, you should consider whether the Sub-Fund is suitable for you and for any persons on behalf of whom you are investing. If you or such persons on behalf of whom you are investing have any doubt or ques tions in relation to whether the Sub-Fund is suitable for any such person, you or they (as relevant) should seek financial, legal, actuarial or tax advice. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street Investment Management's express written consent. Investing involves risk including the risk of loss of principal. Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however , guarantee a profit or protect against loss. Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and infl ation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. Diversification does not ensure a profit or guarantee against loss. Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns. Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or fr om economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse a nd mature and to political systems which have less stability than those of more developed countries. State Street Investment Management uses quantitative models in an effort to enhance returns and manage risk. While State Street Investment Management expects these models to perform as expected, deviation between the forecasts and the actual events can result in either no advantage or in results opposite to those desired by State Street Investment Management. In particular , these models may draw from unique historical data that may not predict future trades or market performance adequately. There can be no assurance that the models will behave as expected in all market conditions. In addition, computer programming used to create quantitative models, or the data on which such models operate, might contain one or more errors. Such errors might never be detected, or might be detected only after the Po rtfolio has sustained a loss (or reduced performance) related to such errors. Availability of third-party models could be reduced or eliminated in the future. Key Risks Associated with the Sub-Fund Please see below some of the key risks associated with the Sub-Fund: • As Of (Historical) Priced Funds Risk - If the Sub-Fund is an as of (historical) priced fund, investors buy or sell units in the Sub-Fund using historical (known) prices for such units. As there will be a tim e delay between the historical pricing point for such units and the time when the Sub-Fund is able to purchase (or sell) the underlying investments (which are priced on a forward priced basis), the Sub-Fun d will be exposed to any contribution or redemption cash flow during such period. While forward priced funds can set an anti-dilution levy to closely match actual trading costs, as of priced funds can only s et an estimated anti-dilution levy, which may be insufficient (or too much) to cover the dealing and other costs and expenses relating to the purchase or sale of underlying investments. Any shortfall (or surplus) in anti-dilution levy will accrue to the Sub-Fund to the detriment (or advantage) of all investors in the Sub-Fund, rather than just the transacting investor . The exposure to contribution and redemption cash flows and inability to accurately estimate dealing and other costs and expenses relating to the purchase or sale of underlying investments can cause tracking error between the Sub-Fund and a forward-priced fund or index. Tracking error may be positive or negative and can be significant, particularly if compounded over time. Longevity Risk - This is the risk of a person outliving retirement assets. • Target Retirement Data Assumption Risk - Assumptions and forecasts used by the investment manager in developing the portfolio’s asset allocation glide path may not be in line with future market returns or changes in average life expectancy, inflation, applicable law and regulation or annuity rates, which could result in losses near, at or after the target date year or could result in the Portfolio not providing adequate income at and through retirement. Research conducted by the investment manager may not accurately reflect the expectations and preferences of typical UK pension fund member . • Annuity Risk - If the investment manager believes an investor in a UK pension fund would typically purchase an annuity then the investment manager may seek to gain exposure to interest rate swaps w ith the aim of gaining similar interest rate exposure such persons are exposed to when purchasing such an annuity. In such a case, there can be no guarantee that the Strategy will minimise risk to annuity rates. Annuity rates could be affected by non-investment factors such as changes in regulation, mortality rates, retirement age and capital requirements, which the portfolio will offer no protection against. There may be other considerations relevant to Sub-Fund selection and investors should select the Sub-Fund that best meets their individual circumstances and investment goals. The Sub-Fund's asset allocation becomes increasingly conservative as it approaches the target date and beyond. The investment risks of the Sub-Fund changes over time as its asset allocation changes. For a more comprehensive list of risks associated with this Strategy, please refer to the Strategy Disclosure Document. The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2004/39/EC) and it should not be relied on as such. It shoul d not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor's particular investment objectives, strategies, tax status, risk appetit e or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. Past performance is no guarantee of future results. All data is sourced from State Street Investment Management unless otherwise stated. Investing in the Managed Pension Fund is effected by means of an insurance policy written by Managed Pension Funds Limited, a member of the State Street group of companies. This document should not be construed as an invitation or inducement to engage in investment activity. The Managed Pension Fund is available to pension schemes (including overseas schemes) registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circulated to the Trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority). It should not be circulated to or relied upon by any other persons. In particular schem e members should consult with their employer or scheme trustee. Please note that neither State Street Global Advisors Limited or Managed Pension Funds Limited offer actuarial services and any investment service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for , the calculation of projected liabilities. Any illustrations exclude the impact of fees, and actual investment returns may differ from projected cashflows, these projected cashflows are not projections of any future benefit payable under a specific policy . This document should be read in conjunction with its Strategy Disclosure/Supplemental/Policy Document. All transactions should be based on the latest available Strategy Disclosure/Supplemental/ Policy Document which contains more information regarding the charges, expenses and risks involved in your investment. The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the European Communities (Markets in Financial Instruments) Regulations 2007. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to pr omote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research. This communication is directed at professional clients (this includes eligible counterparties as defined by the Financial Conduct Authority (FCA)) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication. Sub-Fund is only available for investment by defined contribution pension schemes and by insurance companies seeking to reinsure liabilities relating to defined contribution pension schemes. Please note that full details of underlying fund holdings can now be found on www.statestreet.com/im
© 2026 State Street Corporation. All Rights Reserved. Expiration Date: 31/12/2026
For More Information For more information visit our website www.statestreet.com/im or contact your representative State Street Investment Management’s office.
SSGA United Kingdom +44 (0) 20 3395 2333
State Street Global Advisors (SSGA) is now State Street Investment Management. Please go to statestreet.com/investment-managem ent for more information.
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"page_number": 1,
"text": "reflect the deduction of advisory or other fees which could reduce the return. Where performance is quoted as net, this is based"
},
{
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"width": 518,
"x": 386,
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},
"id": "65373e13-7f49-4ebb-bf55-31c6beefb5e7",
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"text": "on a swung price (includes the bid-offer spread). Where performance is quoted as gross, this is based on the mid price."
},
{
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"width": 346,
"x": 386,
"y": 527
},
"id": "f3b707e4-3b84-46b5-9634-9996185cc94d",
"page_number": 1,
"text": "The calculation method for value added returns may show rounding differences."
},
{
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"box": {
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"width": 123,
"x": 386,
"y": 535
},
"id": "b7f1ae6a-4e23-45ed-8e5a-d3dae5162b2e",
"page_number": 1,
"text": "All data is as at 30/09/2026."
},
{
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"width": 301,
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},
"id": "d73f6f76-9101-42ab-90e5-034c374b7010",
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"text": "Source: State Street Investment Management, 30th September 2026."
},
{
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"x": 53,
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},
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"page_number": 1,
"text": "Multi-Asset Class"
},
{
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"width": 453,
"x": 386,
"y": 32
},
"id": "ef3e7b1c-24fb-4786-9d0c-535813e3480b",
"page_number": 1,
"text": "Timewise Retirement Access Sub-Fund"
},
{
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"width": 116,
"x": 386,
"y": 23
},
"id": "674534b6-b0b4-459f-91a9-cea77d5bdcec",
"page_number": 1,
"text": "Managed Pension Fund"
},
{
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"width": 82,
"x": 54,
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},
"id": "e795fac1-2dd6-480e-8c95-0fc3c9c2af81",
"page_number": 1,
"text": "Fund Objective"
},
{
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"x": 54,
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},
"id": "2415850f-f180-44fb-86af-d0b0c756776e",
"page_number": 1,
"text": "The Sub-Fund seeks to provide a balance between"
},
{
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"x": 54,
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},
"id": "c6e1afbb-2d90-4dd0-8d10-118e5858ee0b",
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"text": "capital growth and capital preservation, taking"
},
{
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"x": 54,
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},
"id": "85b60b41-60e1-47c1-9537-67e49b5197ff",
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"text": "into account State Street Global Advisors Limited\u2019s"
},
{
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"x": 54,
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},
"id": "ce5bb760-f498-4c64-b8fa-e0abe0b03007",
"page_number": 1,
"text": "(\u201cSSGA\u201d) view of what investments it believes are"
},
{
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"x": 54,
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},
"id": "151ae658-71e6-4546-9c59-acbc2205a819",
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"text": "typically appropriate for an investor in a UK pension"
},
{
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"x": 54,
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},
...