Mixed Portfolio fund (MPF)

The MPF is similar to a unit trust. Members hold units, the value of which depends on the value of the MPF investment fund. The value of the units can go up or down. The investment objective for the MPF is reviewed every three years. It sets the framework for the types of investments the MPF can hold, what percentage of the MPF should be invested in each type of investment and also sets a target for investment returns measured over a five-year period. Full details of the investment objective for the MPF are available in the "MPF – Fund Investment Objectives

MPF Accounts are classed as money purchase benefits. This is because the MPF does not have an element of investment return that is guaranteed.

If the NAPS was ever to wind up with insufficient funds to pay all of the promised benefits in full, money held in the MPF would be paid out as one of the first priorities in the event of a scheme wind up. You can read more about this in the ‘Important change to legislation affecting AVCs’ article on the ‘News’ page.

Actual returns over the past 5 years:


History of unit prices for the past 5 years

Hover over or click on the individual bars to see the price for each specific month.

Latest unit price, as at Dec 2022: £227.46


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