About the Scheme


The Trustee sets the investment strategy for the Scheme after taking advice from the Scheme’s Investment Adviser, Investment Consultant and the Scheme Actuary. The Trustee delegates the day-to-day management of the majority of the Scheme's investments to Pension Services Limited (“PSL”), its in-house investment manager. It is a wholly owned subsidiary of the Scheme and regulated by the Financial Conduct Authority (“FCA”). There is a limited degree of outsourcing of investment management to external investment managers. The Trustee has in place investment mandates with their investment managers which implement this strategy.

The PSL Board consists of Keith Greenfield (Trustee Chairman) and Hugh Smart (the Fund’s Chief Investment Officer) and it is responsible for the oversight and governance of the FCA regulated investment activities.

The Trustee and Legal & General Investment Management (LGIM) have reached agreement in principle that LGIM is to be appointed to manage the combined assets of the Scheme. The transition from the Scheme’s in-house investment manager is expected to commence in the final quarter of 2022.

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