Investment Option – Moderate

This option targets to invest approximately 50% in growth assets and 50% in defensive assets.


Investment objective (after fees and taxes over rolling 10-year periods)

To outperform the annual rate of inflation (CPI) by around 2% pa.



Most suitable for members who are willing to accept a medium risk of a negative return in any one year.


Minimum suggested investment timeframe

Approximately five years


Standard Risk Measure

Risk Band:   4
Risk Label:   Medium


Risk versus return

This option targets an even mix of growth and defensive assets. It offers a balance between expected long-term returns and the risk of a negative return in any one year. A negative annual return is anticipated on average 2-3 times every 20 years but negative returns may be more or less frequent.


Target Asset Allocation

Note on 1 July 2016, the investment strategy for the Moderate option changed to be more growth oriented. For current information on the Moderate option, visit or download the Investment Supplement.