Can confirm that the funds are held as cash, not invested.
Huh, that seems like a missed opportunity. I know very little about investing, but aren’t there short-term investments with modest returns that would have a one-off setup cost for the fund, such that all future money could go into them fairly easily?
I would have thought so. Putting them into government and corporate bonds is very safe, and would at least prevent the value in the funds from being eroded by inflation.