Top 100 Pension Schemes 2010

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Top 100 Pension Schemes 2010
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Contents
www.professionalpensions.com Top 100 pension schemes 2010
Sponsored article 4
Lucida
Top 100 at a glance 6
Sponsored article 7
Sackers
Results I 8
Sponsored article 9
PPM
Results II 10
Analysis 18
The Professional Pensions Top 100 Pension Schemes survey has produced some
interesting results, as Helen Morrissey reports
Charts 20
Analysis 22
Sebastian Cheek looks at the results of the top 100 pension schemes survey and finds
there have been several significant changes since last years study
Results III 24
Welcome to this years Top 100 Pension Schemes survey. UK pension
schemes have undergone difficult times during the past 12 months and I
think that this has been demonstrated in the results of this years survey.
In addition to answering questions regarding capital values, asset
allocation etc. we also asked pension schemes a number of questions
regarding the measures they have taken to deal with market volatility,
increasing scheme deficits etc.
While we asked for a lot of information from pension schemes we were
not left disappointed by the response. Pretty much all the schemes we
contacted were happy to help and provided us with all that we needed
to put together the survey. I would like to take this opportunity to thank all of the participating
pension schemes for their support this year and I hope that this will continue into the future.
Helen Morrissey, Supplement editor
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A Professional Pensions supplement
Surviving a diffcult year
Sponsored article
Top 100 pensions schemes 2010 www.professionalpensions.com
The last few years have seen all in Britain suffer that famous
Chinese curse May you live in interesting times. An
unprecedented global banking crisis causing widespread
economic turmoil, falling markets, plummeting interest
rates and a deep and lengthy recession. The stuff of disaster
movies really; expect the Hollywood version soon.
The good news of course is that the dust is settling, mar-
kets have bounced back to an extent, stability is returning
slowly but surely. And finally and officially, the UK is out
of recession and is starting its recovery.
For those running defined benefit pensions, recent times
have pushed in two different directions. On the one hand, the
turmoil has highlighted just how hard it is becoming to cope
with the risks faced by these schemes, with struggling spon-
sors, volatile markets and falling interest rates adding to the
challenges of increasing longevity and evolving regulation.
Never has the desire to de-risk been so heightened. However
on the other hand, that same economic upheaval has made
it harder for schemes and their sponsors to take the steps to
reduce risk they want to.
But now that the economic dust is settling and stability
and growth is returning, trustees and sponsors have a
renewed opportunity to get to grips with the risks they face
and to explore the practical measures they can take to reduce
it. Indeed, a number of schemes have already taken advan-
tage of this opening window as evidenced by the significant
upturn recently in de-risking market activity.

So what are the risks that trustees and sponsoring
employers need to consider?
They are in fact many, varied and often interlinked, making
John Smitherman-Cairns of Lucida looks at how the pensions industry is reassessing the landscape in the aftermath
of the global financial crisis
Running pension schemes as Britain bounces back
the first essential step one of risk assessment and analysis.
Perhaps the most fundamental risk is that of the
employer sponsoring the scheme no longer being able to
support it. As the impact of the recent financial crises and
recession takes its toll, sadly this is a risk that increasing
numbers of trustees must face.
The more common risks faced by all trustees to one
degree or another and very much in the spotlight recently
include the risks that market and investment volatility leave
a black hole in the scheme, and that falling interest rates,
higher than expected inflation or ongoing improvement in
longevity push up the costs the scheme has to meet.
While these are the high profile risks hitting newspaper
headlines, there are additional risks that must be taken just
as seriously. These include the operational risks associated
with running the scheme, the legal risk that the regulatory
environment changes to the detriment of the scheme, and
finally counterparty risk the risk that one or more of the
partners in the management of the scheme fails.
It is crucial that trustees allocate the right amount of time
and energy to a full and proper assessment of the risks the
scheme faces. Once they understand the risks that they are
faced with running, then they can start to develop a risk
management plan to address them.
Given the technically challenging nature of these issues
and the state of flux in which most of them exist, it is not at
all surprising that developing such a plan may feel daunting.
The good news is that organisations like The Pensions
Regulator and the Association of British Insurers have pro-
duced very helpful education material to assist trustees, and
of course pension scheme advisers and buyout companies
are also more than happy to provide support.
Sponsored article
Running pension schemes as Britain bounces back
Turning to the actions that can be taken to reduce risk,
there is a wide and growing range of options available to
trustees now a highly useful and continually improving
tool kit to turn to when seeking to address the risks
inherent in running a defined benefit pension scheme. From
universally useful data cleansing exercises, to more bespoke
liability driven investment strategies, from insuring against
longevity risk, to taking the first steps towards a full buy out
of the scheme.
The latest tool to be added to the de-risking kit is the lon-
gevity swap. Although these have been carried out for years
in the insurer to reinsurer world, last year saw the first use
of a longevity swap to reduce risk in a pension scheme.
The recent upturn in de-risking activity across defined
benefit pensions has seen a number of schemes follow
this first arrangement to embrace this latest fashion in
risk reduction. Under a longevity swap, in exchange for a
known series of payments, the counterparty will pay the
actual pension payments.
This approach has the advantage of requiring no major
outlay up front, but instead the payment of an ongoing pre-
mium over time for the swap. These cost advantages clearly
have appeal, especially when memories of the recent finan-
cial crises and its effects are so fresh in peoples minds.
These arrangements are currently one of the most talked-
about de-risking solutions and while longevity swaps do
offer a useful additional tool in the pensions de-risking kit,
they need to be approached and evaluated with caution as
they may not represent the risk reduction panacea some of
the hype might suggest. Trustees and sponsors need to be
careful to recognise the important limitations of using lon-
gevity swaps.
The fundamental limitation should be obvious; a lon-
gevity swap can only only address one of the risks faced
by a pension scheme, that of increasing longevity. This is
rarely the only or even the most significant risk faced by
a scheme, as the essential initial step of a thorough review
of all risks faced by the scheme will confirm. The other key
risks interest rate, inflation, market and operational risk
are left largely untouched by a longevity swap. In fact,
use of a longevity swap can actually increase operational
risk, through added complexity and the interaction between
benefits that will occur.
In contrast to the narrow risk reduction achievable through
a longevity swap, a buy-in provides a significantly more
holistic approach to risk reduction covering interest rate,
inflation, longevity, market and operational risk for the mem-
bers or portion of members covered by the buy-in policy.
It is true that the cost of a full buy-in or buyout may seem
prohibitive in the current climate for many schemes, but
there is an excellent first step available through a partial
buy-in. This offers a lower cost option, but with far wider and
more comprehensive benefits than can be delivered through
a longevity swap.
The accompanying diagram provides a useful visual
explanation of the relative risk reduction delivered through
longevity swaps and partial buy-ins.
A good example of a partial buy-in was the arrangement
Lucida wrote with the Merchant Navy Officers Pension Fund
last year. This was a partial buy-in, securing approximately
half of the benefits of all pensioners. The partial buy-in
made communication with members easier this was an
investment decision for the scheme and not a decision to
insure specific individuals. It gave the scheme added secu-
rity by protecting against the longevity of every pensioner,
thereby reducing the risk of the wrong members dying.
Without careful thought, a partial buy-in, like a longevity
swap, could potentially restrict future opportunities for fur-
ther risk reduction activity. However with careful structuring
there are a number of alternative next steps that a scheme
can take on the path to full de-risking:
The partial buy-in could be left in place and the unpro-
tected liabilities could be covered with a further partial buy-
in with the same or a different provider. The providers could
then work together to share administration functions.
The partial buy-in could be converted to a reinsurance
policy to be transferred to a different provider as part of
measures to de-risk more of the scheme.
And finally, the existing buy-in could be restructured, for
example by moving from covering say half of the benefits
of all members to all of the benefits of half of the members.
So there is no reason to fear that opting for a partial
buy-in as a first step in risk reduction will restrict the avail-
ability of the full range of potential solutions for further
de-risking measures in the future and every reason to think
that a partial buy-in will significantly reduce risk across all
risk categories.
The interesting times of the last two years have added
considerably to the already extensive challenges involved
in running a defined benefit pension scheme. Sadly, many
schemes are underfunded, facing deficits of varying extent.
But despite the Chinese curse, there is an impressive array
of effective and flexible solutions on offer to help trustees and
sponsoring employers deal with the need to reduce the risks
they face. As economic conditions stabilise and the country
continues its climb out of recession, the time is right to look
hard now at what can be done to reduce the risks involved in
providing these schemes going forward.
While a longevity swap can be visualised as removing one layer of the risk cake, a partial buy-in can actually cut through
all the layers and remove part of each risk completely and permanently.
Chart 1:The risk cake
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John Smitherman-
Cairns is corporate
development
director at Lucida
Top 100 pension schemes at a glance
1 NHS&ScottishTeachersSuperannuationSchemes 37.72bn
2 BTPensionScheme 32.60bn
3 UniversitiesSuperannuationScheme 28.00bn
4 RoyalMailPensionPlan 23.67bn
5 ElectricitySupplyPensionScheme 19.30bn
6 TheMineworkersPensionScheme 19.22bn
7 TheRBSGroupPensionFund 17.50bn
8 RailwaysPensionScheme 16.83bn
9 BarclaysBankUKRetirementFund 16.00bn
10 BPPensionFund 14.7bn
11 NationalGridUKPensionScheme 11.05bn
12 BritishCoalStaffSuperannuationScheme 11.05bn
13 TheShellContributoryPensionFund 10.59bn
14 GreaterManchesterPensionFund 9.90bn
15 StrathclydePensionFund 9.60bn
16 BritishSteelPensionScheme 8.70bn
17 LloydsTSBGroupPensionSchemeNumberOne 7.93bn
18 BBCPensionTrustLtd. 7.90bn
19 WestMidlandsPensionFund 7.40bn
20 HBOSFinalSalaryPensionScheme 6.80bn
21 GSKPensionSchemes 6.70bn
22 ImperialChemicalIndustries 6.66bn
23 Rolls-RoycePensionFund 6.60bn
24 BANewAirwaysPensionScheme 6.09bn
25 BAESystemsPensionScheme 5.97bn
26 WestYorkshirePensionScheme 5.93bn
27 BritishAirwaysPensionScheme 5.92bn
28 HSBCBankUKPensionScheme 5.85bn
29 AvivaStaffPensionScheme 5.80bn
30 Co-operativeGroupPensionScheme 5.40bn
31 UnileverUKPensionFund 5.06bn
32 GroupoftheElectricitySupplyPensionScheme 4.93bn
33 PrudentialPlcDefinedBenefitScheme 4.90bn
34 TfLPensionFund 4.61bn
35 IBMPensionPlan/IBMITSolutionsPensionScheme 4.30bn
36 MerseysidePensionFund 4.30bn
37 CivilAviationAuthorityPensionScheme 4.25bn
38 Marks&SpencerDefinedBenefitScheme 3.98bn
39 LloydsTSBGroupPensionSchemeNo.2 3.89bn
40 BMW(UK)HoldingsOperationsPensionScheme 3.86bn
41 SouthYorkshirePensionFund 3.72bn
42 InvensysPensionScheme 3.57bn
43 TheTescoPlcPensionScheme 3.45bn
44 ThePensionsTrust 3.44bn
45 ZurichFinancialServicesUKPensionScheme 3.40bn
46 BootsPensionScheme 3.30bn
47 LondonPensionFundAuthorityPensionFund 3.24bn
48 MmcUKPensionFund 3.21bn
49 DiageoPensionScheme 3.13bn
50 Tyne&WearPensionFund 3.10bn
51 AstraZenecaUKPensionFund 3.10bn
52 TRWPensionScheme 3.00bn
53 RWEnpowerGroupDefinedBenefitScheme 2.92bn
54 TheLancashireCountyPensionFund 2.90bn
55 SALPensionScheme 2.83bn
56 NetworkRailSectionOfTheRailwaysPensionScheme 2.80bn
57 BritishEnergyGenerationGroupofESPS 2.80bn
58 MerchantNavyOfficersPensionFundorMNOPFforshort 2.70bn
59 J.SainsburyPension&DeathBenefitScheme 2.61bn
60 KentCountyCouncilSuperannuationFund 2.48bn
61 NottinghamshireCountyCouncilPensionFund 2.47bn
62 NorthernIrelandLocalGovernmentOfficersSuperannuationFund 2.47bn
63 FirstgroupPensionSchemes 2.40bn
64 HampshireCountyCouncilPensionFund 2.40bn
65 CheshirePensionFund 2.36bn
66 LothianPensionFund 2.31bn
67 ExelRetirementPlanDHLRetirementPlan 2.31bn
68 AXAUKplcGroupPensionScheme 2.30bn
69 AvonPensionFund 2.30bn
70 FordMotorCoLtdSalariedPensionFund 2.20bn
71 TeessidePensionFund 2.20bn
72 LeicestershireCountyCouncilPensionFund 2.18bn
73 NestleUKLtd. 2.17bn
74 ITVPensionScheme 2.15bn
75 BAAPensionScheme 2.14bn
76 G.E.C1972Plan 2.10bn
77 BankofEnglandPensionFund 2.10bn
78 ScottishandNewcastlePensionFund 2.09bn
79 ImperialTobaccoPensionFund 2.05bn
80 FordMotorCoHourlyPaidContributaryPensionFund 2.05bn
81 ScottishPowerPensionScheme 2.00bn
82 TheBocPensionScheme 2.00bn
83 JohnLewisPartnershipTrustForPensions 1.96bn
84 HertfordshireLocalGovernmentPensionFund 1.94bn
85 GKNGroupPensionScheme 1.92bn
86 EDFEnergyGroupOfTheElectricitySupplyPensionScheme 1.90bn
87 Cable&WirelessSuperannuationFund 1.90bn
88 PhilipsPensionFund 1.90bn
89 NorfolkPensionFund 1.90bn
90 LafargeUKPensionPlan 1.88bn
91 NorfolkPensionFund 1.85bn
92 TotalUKPensionPlan 1.85bn
93 JaguarLandroverJaguarPensionPlan 1.84bn
94 Royal&SunAllianceGroupPensionScheme 1.80bn
95 AssociatedBritishFoodsDBSections 1.80bn
96 DevonCountyCouncilPensionFund 1.78bn
97 DerbyshireCountyCouncilPensionScheme 1.76bn
98 ReedElsevierpensionScheme 1.74bn
99 ESPSPensionScheme 1.70bn
100 StaffordshirePensionFund(LGPS) 1.68bn
Sponsored article
Passengers on the Tube are repeatedly
warned to mind the gap when travel-
ling. In the world of pensions, where the
destination is satisfactory income in retire-
ment, members of work place contract-
based pension schemes need to beware of
the potential governance gap related to
their own investment vehicle.
The dynamics of a defined contribution
(DC) scheme are such that it is the indi-
vidual member (rather than the employer)
who bears the investment, inflation and
longevity risks associated with pension
provision. It is a financial journey of ups
and downs requiring active engagement
in order to make the right decisions along
the way. Whilst members of a trust-based
DC scheme have dedicated trustees to
look after their interests, in a contract-
based scheme no-one has to take respon-
sibility for monitoring its performance
or management. The Pensions Regulator
(the Regulator) is hoping that employers
will volunteer to help fill the void.
Why should the employer care?
From the employers perspective, it could
be argued that a contract-based DC
arrangement is the best way to avoid any
future obligation to oversee or become
involved in the running of the scheme.
In such a scheme, the employer generally
has no contractual relationship with the
pension provider. Its role is usually lim-
ited to selecting a provider, providing the
mechanism for employees to contribute
and, if it wishes to do so, making con-
tributions on their behalf. At present,
employers are not required to look after
their employees financial interests.
However, this lack of engagement
can be damaging for both the scheme
members finances and the employer
itself. If the scheme performs badly it
does not reflect well on the employer.
The employer could face criticism from
employees for choosing a poor provider
or have problems recruiting or retaining
employees. In addition, increased engage-
ment can prevent logistical problems
which could be both time-consuming
and costly to rectify.
What does the Regulator think?
The Regulators powers extend to all
work-based pensions, including con-
Chirag Ghelani considers the issues surrounding contract-based DC arrangements
and the role employers can play
Please mind the governance gap
tract-based schemes. Given the rise
in popularity of such arrangements,
the Regulator has produced guidance
1

to encourage voluntary employer
engagement. It believes such engage-
ment improves the protection of
members benefits and promotes good
administration.
Research by the Regulator suggests
that around half of contract-based
schemes already have some form of
governance in place. As every scheme
is different and no one size fits all,
it suggests a variety of governance
structures. For example, a management
committee (involving employee repre-
sentatives and even the trustees of any
existing occupational scheme), or the
use of an independent financial adviser
to monitor the schemes operation and
appropriateness. It also recommends
some form of employee involvement,
either through a staff forum or a union,
to enable employees to ask questions
regarding the scheme and provide a
focal point for raising issues.
Should employers bridge the gap?
The decision will depend on the indi-
vidual employer. The Regulators guid-
ance is purely voluntary and there is
no penalty for opting not to follow it.
However, it appears there are a number
of tangible benefits in doing so.
It is suggested that improved gov-
ernance arrangements can enhance
member understanding and apprecia-
tion of the pension scheme offered. For
example, a management committee
could review employees education and
information requirements and ensure
that they are being met by the pen-
sion provider. As poor member under-
standing is perceived by many to be
the most serious risk of such arrange-
ments, acting to mitigate it is surely
worthwhile. Furthermore, the employer
is free to choose its preferred route and
can therefore determine what if any
cost it incurs in putting a governance
arrangement in place.
Dangers of building a faulty bridge?
It is also worth considering whether
there are any risks in actively choosing
to follow the voluntary guidance. The
guidance itself explains employers
are protected from any legal claim by
employees regarding the choice of
provider and monitoring of their per-
formance. As with passengers on the
underground, it is ultimately the mem-
bers responsibility to proceed with
diligence. The warning announcements
and increased engagement simply
flag up the dangers. However there is
the slight risk that by becoming more
involved members may feel that the
employer owes a greater duty of care in
respect of their pension provision.
The fact that employers have
chosen to set up a contract-based pen-
sion scheme in the first place, perhaps
suggests that, until they are forced
to close it, the governance gap is
one they are willing to leave open.
In a recent statement
2
the Regulator
explained that good governance mat-
ters because pension scheme members
entrust their savings into the hands
of others. Given the Regulators
increasing focus on contract-based
schemes, governance arrangements
may eventually become obligatory.
At the moment, employers have the
chance to get ahead of the game.
Chirag Ghelani is a
Solicitor at Sackers
1
TPR guidance
Voluntary employer
engagement in
work place contract
based pension
schemes dated
January 2008.
2
TPR statement
Good Governance
keeping pensions
safe dated
November 2009.
Top 100 pension schemes
1 Scottish Public
Pensions Agency
37.72bn
Scheme name: Nhs & Scottish Teachers
Superannuation Schemes
How many schemes do you have? 1
Address: Tweedside Park, Tweedbank, Galashiels,
Selkirkshire TD1 3TE
Email address: ian.clapperton@scotland.gsi.gov.uk
Phone: 01896893200
Switchboard: 01896893000
Fax: 01896893214
Type of scheme: Defned Beneft, Defned Beneft
(Final Salary) - Open to New Members
What year was this scheme established?: 1948
Pension fund manager: Chief Executive: Neville
Mackay; Director Of Policy: Chad Dawtry
Pension scheme administrator: Director Of
Operations: Ian Clapperton (Email: Ian.Clapperton@
Scotland.gsi.gov.uk)
Which actuary(ies) do you use: Government
Actuarys department
Which auditor(s) do you use: Audit Scotland
Which legal advisers do you use?: Scottish
Government, Offce of the Solicitor to the Scottish
Government
AVC provider: Prudential, The Equitable Life
Assurance Society, The Standard Life Assurance
Co.
How many members do you have that are:
Employee members: 238,210
Pensioners:129,375
Deferred pensioners: 73,678
Total members: 441263
Annual contributions: 1,319,500,000
Annual expenditure: 1,652,600,000
What are the current employer contribution rates
to your scheme?: Nhs 13.5% From 1/4/09 Stss 14.9%
From 1/4/09, Stss- 6.4% Nhs-Tiered Between 5% &
8.5%
What are the current member contribution rates to
your scheme?: Stss- 6.4% Nhs-Tiered Between 5%
& 8.5%

2. British Telecommunications Plc
32.60bn
Scheme name: BT Pension Sheme
Address: Hermes Fund Managers Ltd, Lloyds
Chambers, 1 Portsoken Street, London E1 8HZ
Email address: c.symonds@btps.co.uk
Phone: 02076808080
(Final Salary) - Closed to New Members
Which associations is the scheme a member of?:
NAPF
Pension fund manager: Chief Pensions Offcer: Colin
Hartridge-Price (Email: C.Hartridge-Price@Hermes.
Co.Uk)
Pension fund secretary: Agnes Lynch (Email
A.Lynch@Btps.Co.Uk)
Chairman of trustees: Rod Kent
Trustee: David Barford, Donald Macdonald, Bill
Mcclory, Howard Marcha, John Wroe, Andrew
Parker, Beryl Shepherd, Paul Spencer
Trustee Company: BT Pension Scheme Trustees Ltd.
Please name the Investment Managers and detail
the % involved?: Baring Asset Management
Ltd. (Pacifc Basin Equities 150m), Blackrock
Investment (UK) Ltd. (UK Equities 575m), Hermes
Fund Managers Ltd. (Equities Bonds Real Estate
Alternatives 22,747m), Schroder Investment
Management Ltd. (Japanese Equities 384m), Legal
And General Investment Management (Global
Equities 7,765m)
Please name all of your investment advisers: Hermes
Fund Managers Ltd, Investment Advisers: Hermes
Fund Managers Ltd
Which actuary(ies) do you use: Towers Watson
Which auditor(s) do you use: Deloitte
Which pension fund administrator do you use?:
Accenture HR Services
Which legal advisers do you use?: Lovells Llp
Which custodian frm do you use?: The Northern
Trust Company
Performance measurement: The Wm Company
AVC provider: Abbey Plc, The Equitable Life
Assurance Society, Legal & General Investment
Management Ltd., The Standard Life Assurance Co.
Pension related software: Aquila Administrator
How many total employees does the sponsoring
employer have in the UK?: 10,000 to 100,000
How many total pension employees do you have?:
6 to 10
Employee members: 58974
Pensioners:182293
Deferred pensioners: 94213
Annual contributions: 511000000
Annual investment income: 1534000000
Annual expenditure: 2287000000
Domestic equities: 3631000000
Overseas equities: 6942000000
Domestic fxed interest: 3631000000
Domestic real estate: 3631000000
What are the current employer contribution rates to
your scheme?: 16 to 20%
Employer contribution: Increase
Member contribution: Increase
How many of your scheme trustees are MEMBER
nominated?: 4
How many of your scheme trustees are EMPLOYER
nominated?: 2
How many of your scheme trustees are
INDEPENDENT?: 3

3. Universities Superannuation
Scheme Ltd.
28.00bn
Scheme name: Universities Superannuation Scheme
Address: 2nd Floor, Royal Liver Building, Pier Head,
Liverpool L3 1PY
Phone: 02077864823
Fax: 01512363173
Total assets DB: 28bn
NAPF
Chief Financial Offcer: Colin Hunter Bsc Ca, Chief
Executive: Tom Merchant Mba Bsc (Eng) Ceng Mice,
Chief Investment Offcer: Peter G.Moon Bsc(Econ)
Pensions Policy Manager: Brendan Mulkern (Email:
Brendan.Mulkern@usshq.co.uk)
Pensions Operations Manager: Bernadine Steventon
Ba (Hons) Fpmi
UK Equities Portfolio Manager: Ben Levinstein
Co-Head Of Responsible Investment: David Russell,
David Summerfeld
Head Of IT: Iain Hall
Communications Manager: Colin Busby
Pension scheme administrator: Mrs Bernie
Steventon
Pension fund secretary: Pension Fund Secretary: Ian
Sherlock
Contact: Colin Busby 0151 478 7179
Chairman of trustees: Deputy Chairman: Professor
John Bull, Professor Sir Martin B.Harris
Trustee: Trustee Director: David Mcdonnell
Joseph Devlin, Professor David Eastwood, Sir Muir
Russell, Baroness Diana Warwick, Howard Jacobs,
Michael G.Butcher, David Guppy, Virginia Holmes
Trustee Company: Universities Superannuation
Scheme Ltd
the % involved?: Capital International
Please name all of your investment advisers: Mercer
Which actuary(ies) do you use: Mercer
Which auditor(s) do you use: KPMG
Which pension fund administrator do you use?: In
house Administration
Which legal advisers do you use?: DLA Piper
Which custodian frm do you use?: JPMorgan
Worldwide Securites Services, BNY Mellon
Insured with: AIG, Axa, Zurich, Norwich Union,
Allianz
Performance measurement: HSBC
AVC provider: Prudential
Pension related software: Civica
employer have in the UK?: 51 to 250
51 to 100
Pensioners: 51,983
Total members: 264,087
Domestic equities: 40%
Avcs: 286m
Cash and deposits: 1491000000
Overseas equities: 47%
Domestic fxed interest: 40%
Overseas fxed interest: 7.7%
Domestic real estate: 40%
How has this changed in the last 12 months?
Member contribution: Same
nominated?: 3
nominated?: 4
INDEPENDENT?: 4
Have you seen any demonstrable shift in the asset
allocation of the scheme over the past 12 months?:
Yes
If yes, where have these changes occurred?:
A move into alternative assets from equities
4. Royal Mail
23.67bn
Scheme name: Royal Mail Pension Plan
Phone: 020 7560 1071
Type of scheme: Royal Mail Pension Plan
(closed to new members), Royal Mail Defned
Contribution (open), Royal Mail Retirement Savings
Plan (closed), Royal Mail Senior Executive Pension
Plan (closed to new members)
5. Electricity Pension Services
Limited
19.30bn
Scheme name: Electricity Supply Pension Scheme
Continued on
page 10
Sponsored article
As a pension scheme trustee or senior company representa-
tive what do you really feel about your pension advisers,
whether it is your consultants, actuary, lawyers or adminis-
trators to name but a few.
It would be interesting to see what the results of such a
survey revealed if questions about this were answered frankly.
What would best describe your view of your advisers:
l I feel they are doing a really good job, working with us as
trusted advisers at reasonable cost.
Or
l They are expensive, slow and dont seem to value us as a
client and we should be replacing them.
Or
l Somewhere between the two extremes.
Would your views be different if you took fees out of the
equation? Not that you should, but I suspect that in many
situations advisers are doing a good job but they are perceived
to be expensive and therefore not necessarily good value for
money. The issue then becomes what level of fees can be toler-
ated before the situation has to be addressed.
It is highly likely that many trustee groups probably are
not really aware of what they should be expecting from their
advisers and even if dissatisfied in some way, are not sure
who else is out there in the market and if any of the other
firms are going to do a better job.
The Pensions Regulator does provide some guidance
in this area through its latest Trustee Knowledge and
Understanding code of practice which is designed to enable
trustees to:
l Understand the advice they are given, enter into discussion
with their advisers and participate fully in decision making.
l To be able to question or even challenge advice when the
need arises.
l Recognise when they need to consult their own or other
advisers for particular specialist advice or when they need to
consider reselection.
Trustees are therefore expected nowadays to be suffi-
ciently aware of their relationship with their advisers to be
able to fully engage and challenge them rather than simply
to accept what they are told and also to be aware of when
their advisers should be reviewed, either because of relation-
ship issues or simply as part of good governance.
For existing relationships trustees should have arrange-
ments in place with their advisers covering at least:
l Services to be provided
l Fees
l Service level standards
Services to be provided
This should be a detailed specification of all the services
to be provided and should contain sufficient levels of detail
so that both sides of the relationship understand the scope
of services. The is particularly important if the fee basis is
directly linked, e.g. fixed fee or annual budget.
Fees
The basis for charging fees should be set down and agreed.
Paul Couchman looks at the role of pension fund advisers and what trustees should be doing to
ensure they have a successful relationship
Can you manage your advisers?
This will confirm the basis of the fees, i.e. time cost, fixed,
etc and how work outside the scope of the service specifi-
cation is charged for. The frequency of billing, timing of
any reviews and the period of the contract should all be
confirmed. The basis for charging VAT and how additional
expenses are dealt with should also be included.
Service standards
The standards should be specified and agreed. They are par-
ticularly important for administration services and progress
against them should be reported and reviewed at least
quarterly.
Depending on whether services are all being provided by
different firms or a full service approach is used for some
of the services, the information mentioned above can be
included in an agreement for each service or combined for
the full service approach. This agreement will also provide
more information about other aspects of the relationship, e.g.
professional indemnity cover, period of agreement, disaster
recovery plans, etc.
These documents should provide the trustees with suf-
ficient information to manage the relationship with their
advisers and monitor performance on an ongoing basis. If
services are not being provided as agreed, whether it is a
failure of delivery to service standards, additional fees con-
tinually being charged after a budget is agreed or difficulties
in the personal aspects of the relationship, trustees should
move to review the advisers.
The review process can be carried out by the trustees
themselves or a sub-group thereof, the procurement team
within the parent company organisation or an independent
firm can be commissioned.
The process can typically include the following:
l Draw up a long list of potential providers.
l A request for proposal issued covering services required.
l Completed proposals received and evaluated.
l Short list of say three or four firms agreed.
l The short listed firms present their proposals to the trus-
tees or sub-group.
l The presentations are reviewed and an appropriate firm
appointed (or retained) to provide the services.
Service specifications, fee agreements and service level
standards can then be agreed with the new provider and
the position monitored and reviewed regularly.
The hope is that the issues which created the review in the
first place are rectified by the new provider with the trustees
confident that they are working with a firm who can provide
high quality services at reasonable cost and they are valued
as a client. A critical part of the success of the relationship
is the team providing the services, particularly the lead or
senior consultant who should ensure that services are being
provided in accordance with the governance documents.
This individual will hopefully be somebody who also makes
the relationship work and makes it easy for the trustees to do
business with the firm. The trustees can hopefully then feel
confident that they are being given the appropriate advice
and that are genuinely being supported by their advisers.
Paul Couchman is
managing director
of Premier Pensions
Management
Limited
10 Top 100 pensions schemes 2010 www.professionalpensions.com
Address: 52-54 Southwark Street, London
SE1 1UN
Email address: julie.miller@epsl.co.uk
Phone: 02078033106
Total assets
DB: 19301000000
NAPF
Pension fund manager: Steve Bott (Managing
Director)
Pension fund secretary: Julie Miller
Contact: Julie Miller
Trustee Company: Electricity Pension Trustees
Limited
the % involved?: 51 Managers, Aberdeen Asset
Management
Please name all of your investment advisers: Hewitt
Associates
Which auditor(s) do you use:
PricewaterhouseCoopers
Which legal advisers do you use?: Freshfelds
Bruckhaus Deringer, Field Fisher Waterhouse
Which custodian frm do you use?: BNY Mellon
Asset Servicing
Property advisers: DTZ Debenham Tie leung
AVC provider: Aviva plc, Prudential, Bristol & West,
London Life, Equitable Life, Wintherthur Life UK Ltd
Pensioners: 119,952
Domestic equities: 1062000000.00
Avcs: 50000000.00
Cash and deposits: 477000000.00
Other: 11897000000.00
Overseas equities: 1512000000.00
Domestic fxed interest: 1062000000.00
Overseas fxed interest: 798000000.00
Domestic real estate: 1062000000.00
Yes
6. The Mineworkers Pension
Scheme
19.22bn
Scheme name: The Mineworkers Pension Scheme
Email address: margaret.gray@xafnitypaymaster.
com
Phone: 08456064444
Mobile: 01142854601
Pension fund secretary: Dawn Shirley Fpmi
Chairman of trustees: Nigel Stapleton / Philip Read
Trustee: Chris Cheetham, Olivia Dickson, Bobby
Clelland, Vivien Cockerill, Alan Gascoyne, Allen
Young, John Stones, Joe Wills, Michael Woodmore
Trustee Company: Chris Cheetham, Olivia Dickson,
Bobby Clelland, Vivien Cockerill, Alan Gascoyne,
Allen Young, John Stones, Joe Wills, Michael
Woodmore, Dick Barfeld, Dr Robert S Chappell,
Allen Clark, Bleddyn Hancock, Stuart Jukes, Heather
Mcguire, Ray Proctor
Trustee training provider: Chris Cheetham, Olivia
Dickson, Bobby Clelland, Vivien Cockerill, Alan
Gascoyne, Allen Young, John Stones, Joe Wills,
Michael Woodmore, Dick Barfeld,Dr Robert S
Chappell, Allen Clark, Bleddyn Hancock, Stuart
Jukes, Heather Mcguire, Ray Proctor

7. Royal Bank Of Scotland
17.50bn
Scheme name: The RBS Group Pension Fund
How many schemes do you have? More Than 5
Address: Group Pension Services, Citylink House, 4
Addiscombe Road, Croydon
CR9 5PB
Email address: lesley.davie@rbs.co.uk
Phone: 02082563005
Mobile: 07753928387
Type of scheme: Defned Beneft, Defned
Contribution
If you have a DC scheme is it contract or trust
based?: Trust-Based
Total assets
DB: 17.5bn
Contact: Lesley Davie
Which actuary(ies) do you use: Hewitt Associates,
Mercer
house administration
Which legal advisers do you use?: Linklaters, Denton
Wilde Sapte
employer have in the UK?: More than 100,000
More than 100
Pensioners: 55,000

8. Railways Pensions
Trustee Company
16.83bn
Scheme name: Railways Pension Scheme
Address: Sixth Floor, Broad Street House, 55 Old
Broad Street, London EC2M 1LJ
Email address: catherine.hancock@rpmi.co.uk
Phone: 02072568003
Mobile: 01325342901
Contribution, Defned Beneft (Final Salary) Open
to New Members, Defned Contribution (Money
Purchase) Open to New Members
NAPF
Pension fund manager: Chief Executive: Chris
Hitchen (Email: Chris.Hitchen@rpmi.co.uk), Acting
Managing Director: Frank Johnson
Pension scheme administrator: Pensions Policy
Director: Bruce Marsden
Contact: Phone: 020 7256 8003
Switchboard: 020 7256 8003
Mobile: 013 2534 2882
Chairman of trustees: Derek Scott
Trustee: Trustee Director: Richard Goldson, John
Chilman, John Mayfeld, Stephen Richards, John
Hamilton, David Tyson, James Jerram, John
Wilson, Dave Gott, Gary Towse, Michael Cash, Tony
Cotgreave, Chris Hannon Fpmi, Fred Maroudas,
Charles Harding
Trustee Company: Railways Pension Trustee Co. Ltd.
the % involved?: Insight Investment Management,
Railpen Investments, Alinda, Babcock And Brown,
Goldman Sachs, Hendersons, Innisfree Pf, Lazard
Asset Management, Blackrock, M&G Investment,
Wellington Bonds, Western, Neuberger Berman
Europe Ltd, Bgi, Bridgewater, Aberforth Partners,
Blakeney General Partners, Brandes, Edinburgh
Partners Ltd
Which actuary(ies) do you use: Government
Actuarys Department (Joint Actuary For The 1994
Pensioners Section And Brsf Section, Watson Wyatt
RPMI, Berwin Leighton Paisner
Which legal advisers do you use?: CMS Cameron
McKenna, Freshfelds Bruckhaus Deringer,
McGrigors, Nabarro
Asset Servicing
AVC provider: In House
Pension related software: Profund
employer have in the UK?: More Than 100,000
Pensioners: 154,411
Annual contributions: 606,000,000
Annual investment income: 451,000,000
Annual expenditure: 107,000,000
Domestic equities: 2,535,820,000
Corporate bonds: 200,360,000
Hedge funds: 1,045,760,000
Avcs: 1,170,800,000
Other: 987,780,000
Overseas equities: 5,916,910,000
Domestic fxed interest: 2,535,820,000
Overseas fxed interest: 1,502,700,000
Domestic real estate: 2,535,820,000
Private equity: 1,203,130,000
Index linked gilts: 273,970,000
Overseas index linked gilts: 410,950,000

9. Barclays Bank Plc
16.00bn
Scheme name: Barclays Bank UK Retirement Fund
Address: Barclays House, 1 Wimborne Road, Poole,
Dorset BH15 2BB
Email address: hrss.pensions@barclays.com
Phone: 01202402060
Fax: 01202402403

10. BP Plc
14.7bn
Scheme name: BP pension fund
Address: BP Pension Trustees Ltd., 1 St. Jamess
Square, London SW1Y 4PD
Email address: helen.christie@uk.bp.com
Phone: 02074965626
Contribution, Defned Beneft (Final Salary) - Open
Purchase) - Open to New Members
NAPF
Pension fund manager: Head of Investments: Tony
Pike
Chief Executive Offcer: Sally Bridgeland
Pension scheme administrator: Pensions
Administration Manager: Ronnie Murray
Pension fund secretary: Secretary: Bruce Garner
(Email: Bruce.Garner@uk.bp.com)
Chairman of trustees: Michael Miles OBE
This advertisement is for Professional Clients only and is not for consumer use.

Source: Invesco Perpetual, as at 30 November 2009. *Source: Financial Times
FTfm annual survey 2008, as at 8 June 2009. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations)
and investors may not get back the full amount invested. Telephone calls may be recorded. Where Invesco Perpetual has expressed views and opinions, these may
change. Invesco Perpetual is a business name of Invesco Asset Management Limited. Authorised and regulated by the Financial Services Authority. PP.02.10
InsTITuTIonal InvesTmenT managemenT
At Invesco Perpetual, were best known for our long-termstrategic approach
to retail fund management. But were quietly building a reputation on the
institutional side too.
Since 2004, our institutional client list has almost tripled.
We are also one of

just four companies in the field who managed to increase their pension assets
under management in 2008.
*
Investment expertise and service. Tailored strategies and long-termapproach.
If youre looking for a guide in difficult conditions, were up for the challenge.
Call 020 7543 3541
or visit invescoperpetual.co.uk/institutional
ConDITIonsaRe TougH.
BuT WeRe sTIll ClImBIng.
TaKe alongeR vIeW
Trustee: David Jackson, David Cureton, Martin
Bradshaw, James Richards, Sally Bridgeland,
David Felder Fsi (Law Debenture), Peter Mather, Iain
Macdonald, Mark Stageman
Trustee Company: BP Pension Trustees Ltd.
the % involved?: BP Investment Management Ltd.
Associates
Which auditor(s) do you use: Ernst & Young
Which pension fund administrator do you use?: BP
Pensions
Which legal advisers do you use?: Linklaters,
Sackers
Which custodian frm do you use?: State Street Bank
& Trust Company
AVC provider: Barclays Global Investors Ltd.
Fidelity International
Legal & General Assurance Society Ltd., Prudential,
Standard Life, Assurance, Equitable Life Assurance
Pension related software: In-House Administrator
51 to 100
Pensioners: 39,253
Unit trusts: 1033100000
Avcs: 61000000
Other: 43000000
Index linked gilts: 12000000
What is the FRS17/IAS19 surplus/defcit of your
pension scheme sponsor company?: 1.34
to your scheme?: 0% With Option For Additional
Contributions
What are the current member contribution rates
to your scheme?: 0 With Option For Additional
Contributions
Employer contribution: NA
Member contribution: NA
nominated?: 4
nominated?: 4
INDEPENDENT?: 2
No

11. National Grid Plc
11.05bn
Scheme name: National Grid UK Pension Scheme
Address: National Grid House, Warwick Technology
Park, Gallows Hill, Warwick
CV34 6DA
Email address: uk.pensions@uk.ngrid.com
Phone: 01926653000
Fax: 01926653072
Contribution
based?: Trust- Based
Total assets
DB: 11,050.5m
DC: 24.4m
What year was this scheme established?: 1 April
1982 DC Section Added 1 April 2002
NAPF
Pension fund manager: UK Pensions Manager: Jim
Robson
Chairman of trustees: Alan Foster
Trustee: Mike Calviou, Dennis Duffy, Darren Hudson,
Claire |Jenkins, Andrew Kluth, Neil Martin, Terry
Merrin, Jonathan Munsey, Goldie Murray, John
Whitehouse, Adam Wiltshire.
Trustee Company: National Grid UK Pensions
Scheme Trustee Ltd
the % involved?: Aerion Fund Management Ltd. (DB
Section), Aegon (DC Section Platform Provider),
Blackrock/Bgi And Schroders (DC Section-
Investment Managers)
Please name all of your investment advisers: Towers
Watson
Pricewaterhousecoopers
National Grid UK Pensions Services Ltd (DB Section,
DC Section-Front Offce) JLT Beneft Solutions Ltd
(DC Section-Back Offce)
Which legal advisers do you use?: Sackers
Asset Servicing
Performance measurement: Hsbc Securities
Services
AVC provider: DC Section Inline With Investment
Options, DB Section Internal
Pension related software: Altair
21 to 50
Pensioners: 69,585
Annual contributions: 410.2m
Annual investment income: 459.6m
Annual expenditure: 626.4m
Domestic equities: 11.4%
Cash and deposits: 4.8%
Overseas equities: 19.5%
Domestic fxed interest: 11.4%
Domestic real estate: 11.4%
Private equity: 3.2%
Index linked gilts: 19.7%
Overseas index linked gilts: 3.6%
to your scheme?: DB Section-29.4% (+3.2%) DC
Section -4-10% Default Rate 6% (Twice Members
Contribution Up to 5%) DB Section-3% DC Section-2-
5% Default Rate 3%
your scheme?: DB Section-3% DC Section-2-5%
Default Rate 3%
nominated?: 50%
nominated?: 50%
INDEPENDENT?: 0%
Yes
If yes, where have these changes occurred?: The
trustees have been undertaking a review of the
schemes investment strategy and this remains
ongoing. With regards to the DC section of the
scheme, new investment options were introduced
from 1 April 2009.
12. Coal Pension Trustees
11.05bn
Scheme name: British Coal Staff Superannuation
Scheme (Bcsss)
Address: Hussar Court, Hillsborough Barracks,
Sheffeld S6 2GZ
Email address: maureen.fscher@coal-pension.
org.uk
Phone: 01142854604
NAPF
Pension fund manager: Chief Executive: Geoff Mellor
(Email: Geoff.Mellor@coal-pension.org.uk)
Pension fund secretary: Secretary:
Dawn Shirley Apmi
Chairman of trustees: Philip Read
Trustee: Allen Clarke, Bleddyn Hancock, Heather
Mcguire, Ray Proctor, Dr.Robert S.Chappell, Stuart
Jukes, Nick Watts
Trustee Company: Coal Staff Superannuation
Scheme Trustees Ltd.

13. Shell Pensions Management
Services
10.59bn
Scheme name: The Shell Contributory Pension Fund
Address: Shell Centre, York Road, London
SE1 7NA
Email address: ian.chisholm@shell.com
Phone: 02079341234
Fax: 02079347653
NAPF
Pension fund manager: Pension Fund Manager:
Linda Severn (Email: Linda.Severn@Shell.Com)
Pension scheme administrator:
Contact: Ian Chisolm, Ian.Chisholm@Shell.Com
Chairman of trustees: Chairman Of The Board Of
Shell Pensions Trust Ltd.: Clive Mather
Trustee: Ordinary Director: Rupert Cox, Tim Faithfull,
Andrew Longden, P.Milliken, Hugh Mitchell, James
Smi
Selected Director: Graham Ferris Ian Gorst Trevor
Walters Tony Patterson Paddy Briggs David Fortune
Keith James
Trustee Company: Shell Pensions Trust Ltd.
the % involved?: Shell Asset Management
Associates
Which actuary(ies) do you use: Hewitt Associates
Which pension fund administrator do you use?: Shell
International Ltd
Which legal advisers do you use?: Lovells
Worldwide Securities Services
AVC provider: Legal & General Assurance Society
21 to 50
Global Pension Risk Services
There has never been a more uncertain or riskier time for pensions. The changes we are likely to see in the years
ahead will dramatically alter the routes that pension funds, sponsors and trustees will have to take to reach their
final destinations.
To navigate this uncharted territory the industry is having to consider options which were unthinkable a few years
ago options that apply to both liabilities and assets. As a result, pensions risk management has moved to new
levels of complexity.
At Hewitt our latest Global Pension Risk Survey shows the emerging trends and the routes being considered to deal
with this increasing complexity. Armed with this knowledge, our experienced Pension Risk consultants will work with
you to identify where you need to go and then help you to choose the best way to get there.
If you would like a copy of the Global Pension Risk Survey, or would like to speak to one
of our consultants, please contact the Global Pension Risk Services team on 020 7939 4370
or email globalrisk@hewitt.com
Hewitt Associates Limited is registered in England & Wales. Registered No: 4396810. Registered Office: 6 More London Place, London SE1 2DA.
If your road ahead is not clear...
We see solutions
Employeemembers:6,719
Pensioners:29,314
Deferredpensioners:9,250
Totalmembers:45,283
Annualcontributions:50,900,000
Annualinvestmentincome:252,800,000
Annualexpenditure:435,100,000
14. Greater Manchester

Pension Fund
9.90bn
Schemename:GreaterManchesterpensionfund
Address:InvestmentsGroup,TamesideMbc,
WellingtonRoad,Ashton-Under-Lyne,Lancs.OL6
6DL
Emailaddress:malcolm.tyrer@gmpf.org.uk
Phone:01613427275
Mobile:01613428355
Typeofscheme:DefnedBeneft,DefnedBeneft
(FinalSalary)-OpentoNewMembers
Totalassets
DB:9.9bn
Whichassociationsistheschemeamemberof?:
NAPF
Pensionfundmanager:DirectorOfPensions:Peter
MorrisCpfa
HeadOfPensionsInvestments:StevenJ.Taylor
PleasenametheInvestmentManagersanddetail
the%involved?:CapitalInternationalLtd.(1,378m),
CharlesLofstedtMaArics(1,837m),Legal&General
InvestmentManagementLtd.(1,853m),UBSGlobal
AssetManagement(4,454m)
Whichactuary(ies)doyouuse:HymansRobertson
Whichauditor(s)doyouuse:AuditCommission
Whichcustodianfrmdoyouuse?:Jpmorgan
WorldwideSecuritiesServices
Performancemeasurement:TheWmCompany
Pensionrelatedsoftware:Axise
15. Strathclyde Pension Fund
9.60bn
Schemename:StrathclydePensionFund
Howmanyschemesdoyouhave?2
Address:CharlotteHouse,78QueenStreet,Glasgow
G13DN
Emailaddress:jacqueline.gillies@fs.glasgow.gov.uk
Phone:01412877383
Fax:01412877358
(FinalSalary)Opentonewmembers
Totalassets
DB:9.6bn
Whatyearwasthisschemeestablished?:1975
NAPF
Pensionfundmanager:Headofpensions:Richard
Mcindoe(Email:Richard.Mcindoe@fs.glasgow.
gov.uk)
ChiefPensionOffcer(Investments):Jacqueline
Gillies
Pensionschemeadministrator:ChiefPensions
Offcer(Operations):AndyKnox
Contact:NhairiMcadam,Pa
Chairmanoftrustees:CouncillorJamesMcnally
Trustee:MemberOfThePensionFundCommittee:
JohnMckenzie,JamesMcnalyPaulColeshill,
StephenCurran,RuthSimpson,KhalilMalik,Gordon
Mathieson,TomMgkeown.
TrusteeCompany:StrathclydePensionFund
Committee,GlasgowCityCouncil
the%involved?:AlliancebernsteinInstitutional
Investments,BaillieGifford&Co.(GlobalEquity),
CapitalInternationalLtd.(GlobalEquity),Grimley
(41m),GartmoreInvestmentManagement
Ltd.(EquitiesUKSmallCompanies),Genesis
InvestmentManagementLlp(Specialist-Emerging
Markets),AberdeenPropertyInvestors(Gpi)
(Specialist-Property),HendersonGlobalInvestors
(SpecialistBonds),InvescoPerpetual,Jpmorgan
AssetManagement(EquitiesOverseasSmall
Companies),LazardAssetManagementLtd.,Legal
&GeneralInvestmentManagementLtd.(Multi
Asset-Passive),MillenniumGlobalInvestments,
PantheonVenturesLtd.(Specialist),MellonCapital
T-PrivateEquity),PartnersGroup(Specialist-
PrivateEquity),RecordCurrencyManagementLtd.,
SchroderInvestmentManagementLtd.,Western
AssetManagementCo.Ltd.(Specialist-Bonds)
Pleasenameallofyourinvestmentadvisers:
HymansRobertson
Whichactuary(ies)doyouuse:HymansRobertsonLlp
Whichauditor(s)doyouuse:AuditScotland
Whichpensionfundadministratordoyouuse?:In
houseAdministration
Whichlegaladvisersdoyouuse?:GlasgowCity
Council,DirectorOfLegalServices,GlasgowCity
Council,PinsentMasons,Nabarro,PinsentMasons
Whichcustodianfrmdoyouuse?:TheNorthern
TrustCompany
Performancemeasurement:NorthernTrust
TheWmCompany
InvestmentPropertyDatabankLtd.
AVCprovider:Prudential
Howmanytotalemployeesdoesthesponsoring
employerhaveintheUK?:10,000to100,000
Howmanytotalpensionemployeesdoyouhave?:
Morethan100
Howmanymembersdoyouhavethatare:
Pensioners:61,000
Totalmembers:194,000
Annualcontributions:397000000
Annualinvestmentincome:232000000
Annualexpenditure:18000000
Whatarethecurrentemployercontributionratesto
yourscheme?:16to20%
Whatarethecurrentmembercontributionratesto
yourscheme?:6to10%
Howhasthischangedinthelast12months?
Employercontribution:Increase
Membercontribution:Increase
Haveyouseenanydemonstrableshiftintheasset
allocationoftheschemeoverthepast12months?:
Yes
16. Corus UK Ltd.
8.70bn
Schemename:BritishSteelPensionScheme
Address:DouglasHouse,116WaterlooStreet,
GlasgowG27NL
Emailaddress:martin.ross@corusgroup.com
Phone:01412742221
Switchboard:01412742204
Fax:01412265270
Totalassets
DB:8.7bn
NAPF
Pensionfundmanager:Director,GroupPensions:
JimCumming
Pensionfundsecretary:Secretary:MikeDonohue
ChiefInvestmentOffcer:HughSmart
Contact:MartinRoss,01412742221
Chairmanoftrustees:AlanJohnston
TrusteeCompany:BsPensionFundTrusteeLimited
Trusteetrainingprovider:TowersWatson
the%involved?:PensionServicesLtd
Whichactuary(ies)doyouuse:TowersWatson
Whichauditor(s)doyouuse:KPMG
Whichpensionfundadministratordoyouuse?:BS
PensionFundLtd
Whichlegaladvisersdoyouuse?:TraversSmith
Whichcustodianfrmdoyouuse?:JPMorgan
WorldwideSecuritiesServices
Performancemeasurement:MellonAnalytical
Solutions(Mas),TheWmCompany
Pensionrelatedsoftware:Profund
21to50
Pensioners:92,850
Annualcontributions:18%
yourscheme?:11to15%
yourscheme?:6to10%
Employercontribution:Same
Membercontribution:Same
HowmanyofyourschemetrusteesareMEMBER
nominated?:7
HowmanyofyourschemetrusteesareEMPLOYER
nominated?:7
Howmanyofyourschemetrusteesare
INDEPENDENT?:0
17. Lloyds TSB Group

7.93bn
Schemename:LloydsTSBGroupPensionScheme
NumberOne
18. British Broadcasting
Corporation
7.90bn
Schemename:BBCPensionTrustLtd.
Address:BroadcastingHouse,PortlandPlace,
LondonW1A1AA
Emailaddress:peter.dunscombe@bbc.co.uk
Phone:02077654092
Fax:02077654997
NAPF
Pensionfundmanager:HeadofPensions:JanKillick
(Email:Jan.Killick@bbc.co.uk)
HeadOfPensionsInvestments:PeterW.Dunscombe
(Email:Peter.Dunscombe@bbc.co.uk)
Manager-PensionsInvestments:DavidShaw
(Email:David.Shaw2@bbc.co.uk)
Pensionfundsecretary:SandraPhillips
TrusteeCompany:BBCPensionTrustLtd.
the%involved?:AlliancebernsteinInstitutional
Investments,ArtemisInvestmentManagementLtd.,
BaillieGifford&Co.,BarclaysGlobalInvestorsLtd.,
CapitalInternationalLtd.,GoldmanSachsAsset
ManagementInternational,HendersonGlobal
Investors,HermesPensionsManagementLtd.,
Hgcapital,InvescoPerpetual,Marvin&Palmer
Associates,MorleyFundManagementLtd.,
NewsmithAssetManagementLlp,PantheonVentures
Ltd.,StateStreetGlobalAdvisorsUnitedKingdom
Ltd.,SunCapitalAdvisersTrilogy,WesternAsset
ManagementCo.Ltd.
www.professionalpensions.com Top 100 pension schemes 2010 15
Pleasenameallofyourinvestmentadvisers:Towers
Watson
Whichauditor(s)doyouuse:
Whichlegaladvisersdoyouuse?:Sacker&
Partners
Whichcustodianfrmdoyouuse?:HSBCSecurities
Services
Performancemeasurement:HSBCSecurities
Services
Pensionrelatedsoftware:Administrator
Pensioners:21,116
Totalmembers:58,813
Domesticequities:2281900000
Avcs:76900000
Cashanddeposits:257400000
Other:11500000
Overseasequities:2820300000
Domesticfxedinterest:2281900000
Overseasfxedinterest:88700000
Domesticrealestate:2281900000
Overseasrealestate:242900000
Indexlinkedgilts:528700000
19. West Midlands Pension Fund

7.40bn
Schemename:WestMidlandsPensionFund
Address:POBOX3948,WolverhamptonWV11XP
Emailaddress:pensionfundenquiries@
Wolverhampton.gov.uk
Phone:03001111665
Website:www.wmpfonline.com
Typeofscheme:DefnedBenefts
Totalassets
DB:7.4bn
NAPF,PRAG,LIPFF,CII,IIGC
Pensionfundmanager:DirectorofpensionsBrian
Bailey,chiefinvestmentoffcerJudySaunders,
PensionservicesmanagerNadinePerrins
Pensionschemeadministrator:Chairmanoftrustees:
CouncillorMichaelHeap
the%involved?:Numerousmanagedpartlyin-
houseandpartlyexternal
Pleasenameallofyourinvestmentadvisers:Mercer,
GartmoreInvestmentManagement
Whichactuary(ies)doyouuse:Mercer
Whichpensionfundadministratordoyouuse?:
Whichlegaladvisersdoyouuse?:Hammonds,
WolverhamptonCityCouncil
Services
Performancemeasurement:HSBC
Propertyadvisers:INGRealEstateInvesment
Management(UK),JohnFender
Pensionrelatedsoftware:UPM
Morethan100
Employeemembers:45
Pensioners:29
Deferredpensioners:26
Totalmembers:100
Domesticequities:14.00
Corporatebonds:4.00
Hedgefunds:8.00
Cashanddeposits:1.00
Other:8.00
Overseasequities:36.00
Domesticfxedinterest:14.00
Domesticrealestate:14.00
Privateequity:3.00
Indexlinkedgilts:10.00
yourscheme?:16-20%
yourscheme?:6-10%
Employercontribution:Increased
Membercontribution:Stayedthesame
nominated?:0%
nominated?:100%
INDEPENDENT?:0%
Yes
Ifyes,wherehavethesechangesoccurred?:Less
equitiesmorealternatives
20. HBOS Plc

6.80bn
Schemename:HBOSFinalSalaryPensionScheme
Address:TrinityRoad,Halifax,W.Yorkshire
HX12RG
Emailaddress:lucyroach@hbosplc.com
Phone:01422391917
Fax:01422391373
Typeofscheme:DefnedBeneft,Defned
Contribution
IfyouhaveaDCschemeisitcontractortrust
based?:Trust-Based
Totalassets
DB:6.8bn
DC:230.3m
NAPF
Pensionfundmanager:AlisonCooper
Pensionschemeadministrator:GroupPensions,
HbosPlc,TrinityRoad,Halifax,HX12RG
Pensionfundsecretary:CompanySecretary,Mike
Hatcher,LloydsBankingGroup,25GreshamStreet,
LondonEC2V7HN
Contact:01422326041
Chairmanoftrustees:HarryBaines
Trustee:TomAbraham,JohnHope,GeoffAskew,
PaulMciver,GlenMiller,RogerBoyes,Michael
DeakinAndMikeProvan
TrusteeCompany:HBOSFinalSalaryTrustLtd
Trusteetrainingprovider:GroupPensions(Inhouse)
the%involved?:AlliancebernsteinLp(1.1%),Insight
InvestmentManagement(Global)Limited(69.5%),
InvistaRealEstateInvestmentManagementLtd
(3.1%),KineticsAssetManagementLtd(2.7%),Legal
AndGeneralAssurance(PensionsManagement)Ltd
(10.3%),SoutheasternAssetManagement(2.1%)
Whichlegaladvisersdoyouuse?:Allen&Overy
TrustCompany
Performancemeasurement:NorthernTrust
AVCprovider:ClericalMedicalAndBankOf
Scotland
Pensionrelatedsoftware:ProfundAndOpen
employerhaveintheUK?:MoreThan100,000
51to100
Pensioners:16,159
Totalmembers:79,169
Annualcontributions:274,205m
Annualinvestmentincome:162.2m
Annualexpenditure:18.676m
Domesticequities:12.8%
Hedgefunds:13.9%
Cashanddeposits:9.4%
Other:Derivatives9.5%
Property2.6%
Overseasequities:13.7%
Domesticfxedinterest:12.8%
Overseasfxedinterest:0.9%
Domesticrealestate:12.8%
yourscheme?:22.5%4to5%
yourscheme?:4to5%
nominated?:33.3%
nominated?:33.3%
INDEPENDENT?:33.3%
21. Glaxosmithkline Plc

6.70bn
Schemename:GSKPensionSchemes
Address:GSKHouse,980GreatWestRoad,Brentford
TW89GS
Emailaddress:tony.a.ark@gsk.com
Phone:02080475000
Typeofscheme:Hybrid
based?:Trust-Based
Totalassets
DB:6.7bn
DC:778m
NAPF
Pensionfundmanager:SteveMacKrell
Pensionschemeadministrator:Hewitt/Xafnity
Paymaster
Pensionfundsecretary:SteveMacKrell
Contact:02080475773
Chairmanoftrustees:ChristopherPearce/Tom
Houston
Trustee:BerkeleySquarePensionTrusteeCompany
Limited/SmithklineBeechamPensionPlanTrustee
Limited/SmithklineBeechamSeniorExecutive
PensionPlanTrusteeLimited
TrusteeCompany:BerkeleySquarePensionTrustee
CompanyLimited/SmithklineBeechamPension
PlanTrusteeLimited/SmithklineBeechamSenior
ExecutivePensionPlanTrusteeLimited
Trusteetrainingprovider:InHouse
Pleasenameallofyourinvestmentadvisers:Hewitt
Associates
Whichactuary(ies)doyouuse:Hewitt
Associates,TowersWatson
HewittAssociates,XafnityHRServicesLtd
Whichlegaladvisersdoyouuse?:Sackers,
Simmons&Simmons
Whichcustodianfrmdoyouuse?:BNYMellon
AssetServicing
Insuredwith:SelfInsured
Performancemeasurement:MellonAnalytical
SolutionsLimited
AVCprovider:Legal&General
6to10
Pensioners:27,160
Totalmembers:78,839
Annualcontributions:36,450
Annualinvestmentincome:361m
Annualexpenditure:304m
Corporatebonds:20%
Hedgefunds:Nil
Unittrusts:Nil
Avcs:Nil
Cashanddeposits:Nil
Other:Nil
Overseasrealestate:2.5%
Privateequity:Nil
Indexlinkedgilts:18%
Overseasindexlinkedgilts:Nil
Venturecapital:Nil
WhatistheFRS17/IAS19surplus/defcitofyour
pensionschemesponsorcompany?:947mDefcit
allocationoftheschemeoverthepast12months?:No
22. Imperial Chemical

Industries Ltd.
6.66bn
Schemename:ImperialChemicalIndustries
PensionFund
Address:20ManchesterSquare,London
W1U3AN
Emailaddress:steve.codling@towerswatson.com
Phone:01707607500
TrusteeCompany:ICIPensionsTrusteeLimited
the%involved?:AlindaCapitalPartners,Ashmore
ManagementCompanyLtd,BarclaysGlobal
InvestorsLtd,IntermediateCapitalManagersLtd,
M&GInvestmentManagementLtd,andothers
Whichauditor(s)doyouuse:Kpmg
Whichlegaladvisersdoyouuse?:Hammonds,Allen
&Overy,DLAPiper
Whichcustodianfrmdoyouuse?:JPMorgan
EuropeLtd
Employeemembers:579
Pensioners:54,191
Totalmembers:67,412
23. Rolls-Royce Plc

6.60bn
Schemename:Rolls-RoycePensionFund
Address:65BuckinghamGate,LondonSW1E6AT
Emailaddress:john.champion@rolls-royce.com
Phone:02072279353
Fax:02072279370
Typeofscheme:DefnedBeneft,Defned
Contribution,DefnedBeneft(FinalSalary)-Closed
toNewMembers
based?:Trust-Based
Whichassociationsistheschemeamemberof?:NAPF
Pensionfundmanager:NickFoxton
Pensionschemeadministrator:InHouse
Pensionfundsecretary:InvestmentManager:David
Colclough
Secretary:NickFoxton
Contact:NickFoxton,Nicholas.Foxton@Rolls-
Royce.Com
Chairmanoftrustees:PaulSpencer
Trustee:PaulSpencerAnd13Others
Trusteetrainingprovider:InHouse,Various
the%involved?:AxaRosenbergInvestment
ManagerLtd,CapitalDyanamicsLtd,GmoUk
Ltd,GoldmanSachsInternational,HgPooled
ManagementLtd,JfAssetManagementLtd,Legal
&GeneralInvestmentManagementLtd,LsvAsset
Management,MarvinAndPalmerAssociates
Inc,MirSingaporePteLtd,NewsmithAsset
ManagementLlp,OriginAssetManagementLlp,
SchroderInvestmentManagementLtd,StateStreet
GlobalAdvisorsLtd,UbsGlobalAssetManagement
Ltd,WedgeCapitalManagementLlp,Westfeld
CapitalManagementCompanyLlc
Pleasenameallofyourinvestmentadvisers:Mercer
Whichactuary(ies)doyouuse:HewittAssociates
Whichauditor(s)doyouuse:KPMG
Whichpensionfundadministratordoyouuse?:In
houseadministration
Whichlegaladvisersdoyouuse?:Linklaters
Whichcustodianfrmdoyouuse?:StateStreetBank
&TrustCompany
Pensionrelatedsoftware:Proventia,Intellipenn
Pensioners:38,079
Totalmembers:68,056
Annualcontributions:182.7m
Annualinvestmentincome:27m
Corporatebonds:0
Hedgefunds:0
Unittrusts:0
Avcs:1.9%
Cashanddeposits:0.7%
Other:LDIAsset=84.5%
Overseasrealestate:0
Privateequity:1.8%
Indexlinkedgilts:0
Overseasindexlinkedgilts:0
Venturecapital:0
yourscheme?:11to15%
yourscheme?:6to10%
Employercontribution:Same
nominated?:47%
nominated?:53%
INDEPENDENT?:0
allocationoftheschemeoverthepast12months?:No
24. British Airways

6.09bn
Schemename:BANewAirwaysPensionScheme;
AirwaysPensionScheme
25. BAE Systems
5.97bn
Schemename:BAESystemsPensionScheme
Howmanyschemesdoyouhave?Morethan5
Address:POBox87,FarnboroughAerospaceCentre,
Farnborough,Hampshire
GU146YU
Emailaddress:carolyn.ray@baesystems.com
Phone:01252383010
Website:www.baesystemspensions.com
Typeofscheme:Defnedbenefts,Hybrid
Totalassets
DB:5978m
DC:26m
NAPF
Pensionfundmanager:NigelTinsley
Pensionschemeadministrator:Xchanging
Pensionfundsecretary:GeorgeBayer
Contact:CarolynRay
Chairmanoftrustees:GuyGriffths
TrusteeCompany:BAESystemsPensionFunds
TrusteesLimited
the%involved?:BAESystemsPensionFunds
InvestmentManagementLtd(BAPFIM),Prudential
AssetManagementLtd,FidelityInternational
Ltd,AxaInvestmentManagersUKLtd,LaSalle
InvestmentManagementLtd
Pleasenameallofyourinvestmentadvisers:BAE
SystemsPensionFundsInvestmentManagement
Ltd(BAPFIM)
Whichactuary(ies)doyouuse:AonConsulting
Whichauditor(s)doyouuse:Kpmg
XchangingHrServicesLtd
Whichlegaladvisersdoyouuse?:TraversSmith
TrustCompany
Performancemeasurement:HSBCSecurityServices
AVCprovider:StandardLife
Pensionrelatedsoftware:Claygate
employerhaveintheUK?:Morethan100,000
11-20
Pensioners:53,662
Domesticequities:36.00
Corporatebonds:10.00
Cashanddeposits:3.00
Overseasequities:25.00
Domesticfxedinterest:36.00
Domesticrealestate:36.00
Indexlinkedgilts:7.00
Venturecapital:3.00
WhatistheFRS17/IAS19surplus/defcitofyour
pensionschemesponsorcompany?:defcitof
3,539,430
yourscheme?:16-20%
yourscheme?:6-10%
Employercontribution:Stayedthesame
Membercontribution:Stayedthesame
nominated?:26-50%
nominated?:26-50%
INDEPENDENT?:0%
No
26. West Yorkshire Pension

Fund
5.93bn
Schemename:WestYorkshirePensionScheme
Address:InvestmentSection,4thFloor,Britannia
House,Bradford
BD11HX
Emailaddress:david.hoyle@bradford.gov.uk
Phone:01274432115
Mobile:01274432315
Fax:01274308016
Totalassets
DB:5.931bn
NAPF
Pensionfundmanager:RodneyBartonDirector
Contact:DavidHoyleBusinessManager.01274432
115
Chairmanoftrustees:Cllr.IanGreenwood
TrusteeCompany:CityOfBradfordMetropolitan
DistrictCouncil
Trusteetrainingprovider:HewittAssociates
Pleasenameallofyourinvestmentadvisers:NMills,
RPrance,MStevens
Whichactuary(ies)doyouuse:HewittAssociates
Whichauditor(s)doyouuse:AuditCommission
Whichpensionfundadministratordoyouuse?:West
YorkshirePensionFund
Whichlegaladvisersdoyouuse?:CityofBradford
MetropolitanDistrictCouncil
Services,DLAPiperUk,JpmorganChase&Co,
NorthernTrustCorporation,StateStreetBank
Insuredwith:CityOfBradfordMetropolitanDistrict
Council
AVCprovider:ScottishWidows
TheEquitableLifeAssuranceSociety,Prudential
employerhaveintheUK?:MoreThan100000
MoreThan100
Pensioners:60,200
Annualcontributions:327.82m
Annualinvestmentincome:226.365m
Domesticequities:2.772bn
Corporatebonds:168m
Hedgefunds:335m
Avcs:19000000
Cashanddeposits:239m
Overseasequities:2.235bn
Domesticfxedinterest:2.772bn
Overseasfxedinterest:195m
Domesticrealestate:2.772bn
Overseasrealestate:113m
Privateequity:275m
Indexlinkedgilts:416m
Overseasindexlinkedgilts:58m
Venturecapital:0
yourscheme?:Other
yourscheme?:6to10%
nominated?:4
nominated?:10
INDEPENDENT?:3
No
27. British Airways

5.92bn
Schemename:BritishAirwaysPensionScheme
28. HSBC
5.85bn
29. Aviva
5.80bn
Schemename:AvivaStaffPensionScheme
Address:StaffPensions,Pitheavlis,Perth
PH20NH
Emailaddress:fonac.macdonald@aviva.com
Phone:01738896345
Fax:01738638185
Typeofscheme:Hybrid
based?:Trust-Based
Totalassets
DB:581400000
DC:249100000
None
Pensionfundmanager:DirectorofStaffPensions:
KarenJones
Pensionschemeadministrator:AvivaStaffPensions
Department
Pensionfundsecretary:KarenJones
Contact:01738895329
Chairmanoftrustees:DerekStevens
Trustee:AvivaStaffPensionTrusteeLtd
TrusteeCompany:AvivaStaffPensionTrusteeLtd.
the%involved?:FirstStateInvestments(Emerging
Markets2.1%),JpmorganAssetManagement(Asia
Pacifc(ExJapan)2.0%),LeggMasonInvestments
(USEquities1.5%),AvivaInvestors(Multi-Asset
88.3%),SlaterInvestmentsLtd.(UKEquities1.6%),
KineticsAssetManagement(USEquities1.8%),
IntrinsicValueAssetManagement(European
Equities1.4%),OptimalAssetManagement
(JapaneseEquities0.6%),BlackhorseAsset
Management(AsiaPacifc0.6%),
Pleasenameallofyourinvestmentadvisers:Towers
Watson,Other,RedingtonLtd
Whichactuary(ies)doyouuse:HymansRobertson
Llp
AvivaInsuranceLtd
Whichlegaladvisersdoyouuse?:Linklaters
Services,Other,JPMorganChaseBank
AVCprovider:AvivaLife&PensionsLtd
Pensionrelatedsoftware:NorthgateArinsoUKLtd,
PsPensions
21to50
Pensioners:20,186
Totalmembers:97,188
Domesticequities:382600000
Corporatebonds:241200000
Avcs:22800000
Cashanddeposits:253400000
Overseasequities:519700000
Domesticfxedinterest:382600000
Domesticrealestate:382600000
Indexlinkedgilts:1292200000
Overseasindexlinkedgilts:41200000
yourscheme?:43%forfnalsalary&starts@8%of
pensionablesalary.6-7.5%forfnalsalarymembers
basedonrateofaccrual.Formoneypurchasestart
at1%
Whatarethecurrentmembercontributionrates
toyourscheme?:6-7.5%forfnalsalarymembers
basedonrateofaccrual.Formoneypurchasestart
at1%
Membercontribution:Increase
nominated?:45%
nominated?:45%
INDEPENDENT?:10%
No
30. Co-Operative
5.40bn
Schemename:Co-operativeGroupPension
(AverageCareerEarnings)Scheme(Pace)
Address:PoBox53,NewCenturyHouse,
ManchesterM604ES
Emailaddress:cgpensions@co-operative.coop
Phone:08456023665
Mobile:01618341212
Fax:01618275244
(Care)-OpentoNewMembers
NAPF
Pensionfundmanager:HeadofPensions:Gary
DewinAcii(Email:Gary.Dewin@co-operative.
coop),TechnicalServicesController:Helen
Whitworth(Email:Helen.Whitworth@co-operative.
coop)
Pensionfundsecretary:GaryDewinAcii(Email:
Gary.Dewin@Co-Operative.Coop)
Contact:Phone:01618341212,Fax:01618275244,
E-Mail:Cgpensions@Co-Operative.Coop
Trustee:14Directors,7SocietyAppointedDirectors,
4MemberElectedDirectors,2PensionerElected,1
Independent
TrusteeCompany:14Directors,7SocietyAppointed
Directors,4MemberElectedDirectors,2Pensioner
Elected,1Independent
PleasenametheInvestmentManagersand
detailthe%involved?:BarclaysGlobalInvestors
Ltd.,Cantillon,Comguest,Co-OperativeAsset
Management(FormerleyCisInvestment
Management)FidelityPensionsManagement,
Continued on
page 24
Analysis
The past 12 months have proved to
be another tumultuous year for pen-
sion schemes as they battled volatile
markets as well as demographic and
funding pressures. While defined ben-
efit schemes will always have to keep
an eye on the size of their plan deficit
the last year has proved particularly
difficult.
This can best be demonstrated in
BTs recent announcement that it
had agreed a 17-year recovery plan
to tackle its massive 9bn pension
scheme shortfall.
Considering the deficit previously
stood at 3.4bn at the last valuation
in December 2005 we can see that
deficit issues will remain a major area
of discussion for many schemes going
forward.
As part of the survey we did ask
our Top 100 schemes whether they
had a deficit or a surplus and the
results were perhaps unsurprising
with the majority of schemes who
provided an answer to the question
reporting that their scheme had a
funding deficit.
Dealing with scheme deficits?
So what can schemes do to address
their plan deficits? There are of course
many issues that contribute to these
black holes.
Changes in accounting practise can
have a massive effect on the funding
levels of a scheme as well as the
increasing longevity of the scheme
members.
Of course the performance of the
markets will always be a major factor
too and all of these issues need to be
taken into consideration when tackling
a funding deficit.
Of course many employers choose to
plough more money into their schemes.
For instance as part of their recovery
plan BT announced it will make pay-
ments of 525m to its scheme for the
first three years with a payment of
583bn in the fourth year.
After that these payments will
increase by 3% per annum. Other
employers are also looking to increase
the amount of contributions they pay
The Professional Pensions Top 100 Pension Schemes survey has produced some interesting results, as Helen
Morrissey reports
The road ahead
into the scheme and are often asking
their employees to make a similar
effort.
We asked our Top 100 schemes
whether they had increased employer
and employee pension contributions to
their schemes over the past 12 months.
Of the 35 pension schemes who pro-
vided a response 19 said they had
looked to keep employer contributions
at the same levels throughout 2009.
Only three said they had decreased the
level of employer contributions while
13 said they had increased the level of
their contributions.
However, when you look at the
employee contribution levels it looks
like schemes have demonstrated a real
degree of paternalism towards their
scheme members.
Of the 34 schemes who provided a
response to the question only 7 had
asked their employees to increase
their levels of contributions while
one scheme had even decreased the
level of contributions members were
These schemes have undergone intense
pressure over the past 12 months and
many have had to take decisive action in
order to safeguard the long-term health of
their schemes
Analysis
expected to pay. The remaining 26 had
kept their member contribution levels
at the same level as previous.
Asset allocation
Another area we looked to cover in the
data was the issue of asset allocation.
The difficult economic conditions have
caused many schemes to reassess their
investment outlook and have prompted
many schemes to make changes to how
their fund is invested. As a result we
asked the Top 100 schemes whether
they had seen any demonstrable shift
in the asset allocation of their scheme
over the past 12 months.
Of the 36 schemes who answered
the question a total of 25 decided
to hold firm with their asset alloca-
tion and said they had not seen any
demonstrable changes to their asset
allocation.
However, the remaining 11 said that
they had taken the opportunity to
review their schemes asset allocation
over the past 12 months and had looked
to make a variety of changes.
One scheme said they had looked to
move away from equities and towards
alternative assets while another scheme
said it had looked to introduce new
investment options in its DC scheme
during 2009.
Another schemes said they had
looked to decrease their equity alloca-
tion in favour of a move into bonds
while another scheme said they
had increased their private equity
holding. It will be interesting to look
at whether these strategies bear fruit
for the schemes when we look at next
years data.
So, as we bring another Top 100
pension scheme survey to a close we
can see that the UK pensions industry
stands at a crossroads. These schemes
have undergone intense pressure over
the past 12 months and many have
had to take decisive action in order
to safeguard the long-term health of
their schemes. Whether these actions
prove successful or not is something
that wont become apparent for some
time but I look forward to assessing
this when we research our next Top
100 supplement.
Analysis
Chart 1: Actuaries
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Chart 2: Auditors
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Chart 3: Custodians
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Chart 4: Pension Fund Administrator
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Analysis
This data is gathered from the responses received from the pension schemes.
Please note that not all of the pension schemes involved in the survey chose to
answer these questions.
Chart 5: Investment Advisers
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Chart 6: AVC Providers
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Chart 7: Software
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Analysis
Once again Professional Pensions has undertaken its compre-
hensive study into the make up and behaviour of the UKs
pension schemes and compiled a list of top 100. The research
was carried out by Incisive Medias research department who
quizzed schemes across the UK on their vital statistics.
The research team sent an e-mail to the schemes asking
for specific details including capital value, type of scheme,
membership, service providers, and investment managers.
The team then followed up with a phone call to those
schemes who did not complete the questionnaire, or who had
key pieces of data missing from their responses.
Professional Pensions must stress that the results in this sup-
plement are based purely on the information schemes were
willing to divulge. Despite the best efforts of the research team
here at Incisive Media, some schemes were not willing to answer
certain questions so certain data is therefore not recorded.
This year, PP asked schemes a new set of questions
aimed at determining changing trends in pension provision
and how schemes have responded to this. The areas cov-
ered included:
l The split between DB and DC assets;
lWhether their DC scheme is trust or contract-based;
lWho their DC provider is;
l If they have considered any de-risking activity over the
past year;
lIf they are planning any changes to the structure of their
pension scheme over the next 12 months;
l The challenges facing their scheme;
lWhether they had increased or decreased contribution levels
to their scheme.
The big players
As before, the top three schemes in the UK were the Scottish
Public Pensions Agency (SPPA), BT, and Universities
Superannuation Scheme (USS), respectively.
However, it is interesting to note both SPPA and USS saw
their capital values fall since last year, from 40.35bn to
37.7bn and 30.1bn to 28bn, respectively.
Meanwhile, the second placed BT schemes assets cur-
rently stand at an increased 32.6bn compared to 31.18bn
last year. This comes despite the reported record breaking
deficit of 9bn recently announced by BT.
Elsewhere however, the top 10 has undergone a few
changes from the previous year.
One of the notable shifts is the Mineworkers Scheme, which
has moved up to sixth position from ninth last year. Its capital
value has increased to 19.2bn from 13.01bn last year.
Additionally, the Barclays UK Retirement Fund has edged
its way into the top 10, occupying ninth position with a cap-
ital value of 16bn up from 9.55bn last year when it was
in fifteenth position.
As a consequence of this, the National Grid scheme
was nudged back to 12th position from 10th last year. The
schemes assets under management also dipped to 11.05bn
from 12.76bn in 2009.
Sebastian Cheek looks at the results of the top 100 pension schemes survey and finds there have been several
significant changes since last years study
After the global storm
The combined capital value of the top 10 schemes this
year was about 225bn compared with 221bn last year.
This increase could be reflective of a number of things,
namely the resurgence in markets over the latter half of
2009, or a shift in asset allocation which has yielded more
growth for schemes.
DB and DC
It is no revelation that DC is slowly but surely stepping into
DBs well-worn shoes. This is evident in the number of high
profile DB schemes that either closed or threatened closure
last year because their balance sheets could no longer handle
mounting deficits.
Fujitsu, Barclays and ITN, were just a few of the high
profile companies hitting the headlines in 2009 because of
changes to their DB schemes.
Analysis
But has this been reflected in the top 100? Well, a quick
glance at the data reveals the vast majority of companies
still run a defined benefit scheme. This is hardly surprising,
but of these schemes, 15 were final salary schemes closed to
new members, and 21 respondents also offer a DC arrange-
ment for employees. Ten schemes offer a hybrid pension
scheme to members.
Of those who responded to the survey with a DC scheme,
21 had a trust-based scheme and 10 offered a contract-based
scheme. If current trends continue then the contract-based
tally is likely to increase.
Administration
PP also asked schemes about their administration habits
whether they administer in-house or outsource. Of those
who divulged this information, 35 carried out their adminis-
tration in-house compared with 29 who outsourced.
Although this split is reasonably balanced, it goes to show
the majority of schemes still choose to keep their adminis-
tration in-house. This trend is usually driven by a number
of factors, such as cost issues, familiarity with member data,
and size of scheme.
On the flip side of the coin, schemes that choose to out-
source do so because of the expertise they get from a third
party. Cost and time saving issues also play a part in the
decision to outsource administration.
The BP scheme was a forerunner when it outsourced its
admin in the mid-1990s, but decided to bring it back in-house
in 2004.
As a general rule, larger schemes have the resources to
outsource, although of the top 10 schemes in this years top
100, four administer their schemes in-house, two outsource,
and the others did not disclose their admin provider.
Fortress Partners Offshore Fund L.P., Ironbridge,
J.O Hambro, LaSalle Investment Management,
Lazard, Legal & General Investment Management,
Marathon, Nomura, Western Asset Management Co.
Which legal advisers do you use?: Linklaters
Asset Servicing, Citibank Inc
Performance measurement: BNY Mellon Asset
Servicing
AVC provider: CIS Investment Management
Pension related software: Axise
21 to 50
Pensioners: 37,339
Domestic equities: 382,000,000
Corporate bonds: 1,129,500,000
Hedge funds: 110,200,000
Avcs: 41,300
Other: 2,104,400,000. 40,000 In insurance
Domestic fxed interest: 382,000,000
Overseas fxed interest: N/A
Domestic real estate: 382,000,000
Overseas real estate: N/A
nominated?: 6 (4 Member Elected, 2 Pensioner
Elected)
nominated?: 8
INDEPENDENT?: 1

31. Unilever
5.06bn
Scheme name: Unilever UK Pension Fund
Address: Unilever House, Springfeld Drive,
Leatherhead, Surrey KT22 7GR
Email address: michael.normington@unilever.com
Phone: 01372945675
Fax: 01372945840
(Final Salary) - Closed to New Members Career
Average Open to New Members
NAPF
Pension fund manager: Head of Trustee Services:
Andy Rowell (Email: Andy.Rowell@unilever.com)
Head of Corporate Pensions: Peter Zeggerchief
Investment Offcer: Wendy Mayall
Pension fund secretary: Head of Trustee Services:
Andy Rowell (Email: Andy.Rowell@unilever.com)
Chairman of trustees: Liz Airey
Trustee: David Jones, David Saunders, James
Barnes, Jimmy Mcgovern, Mike Samuel, Richard
Clark, Richard Furlong, Steve Cutting, Christine
Appleby, Roger Bevan, George Maddock + 1
Vacancy
Trustee Company: Unilever UK Pension Fund
Trustees Ltd.
Trustee training provider: Trustee Training Provider:
Hewitt (Seminars For Trustees) Mercer
the % involved?: Aberdeen Asset Managers
Ltd., Alliancebernstein Institutional Investments,
fl Pensions Management Ltd, cb Richard Ellis
Investors, Goldman Sachs Asset Management
International, JPMmorgan Asset Management
M&G, Lazard Asset Management Ltd., Newton
Investment Management Ltd., Northern Trust
Luxembourg, Pantheon Ventures Ltd., Prudential
Associates, Mercer
Hewitt Associates
Which legal advisers do you use?: Elvinger,
Slaughter And May, Travers Smith, Schiff Hardin
Llp, Cravath, Swaine & Moore Llp, Elvinger, Hoss &
Prussen
Which custodian frm do you use?: Northern Trust
Performance measurement: Northern Trust
AVC provider: The Standard Life Assurance Co.
Zurich Assurance Ltd. Fidelity
21 to 50
Pensioners: 44,271
Domestic equities: 538.3m
Hedge funds: 257200000
Avcs: 23300000
Other: 14000000
Overseas equities: 2,459.6m
Domestic fxed interest: 538.3m
Overseas fxed interest: 10.3m
Domestic real estate: 538.3m
Overseas real estate: 0
Private equity: 280.7m
Overseas index linked gilts: 0
your scheme?: Fs = 24.1% Less Member Contribution
Career Average = 20.5% Less Member Contribution
Final Salary = 7% Via Salary Sacrifce career
Average = 5% Via Salary Sacrifce
What are the current member contribution rates
to your scheme?: Final Salary = 7% Via Salary
Sacrifce career Average = 5% Via Salary Sacrifce
nominated?: 6
nominated?: 7
INDEPENDENT?: 1
allocation of the scheme over the past 12 months?: No

32. E.On UK Plc
4.93bn
Scheme name: Group of the Electricity Supply
Pension Scheme
Address: Westwood Way, Westwood Business
Park, Coventry CV4 8LG
Email address: pensions.feedback@eon-uk.com
Phone: 02476182033
Contribution, Defned Beneft (Final Salary)
based?: Contract-Based
Total assets
DB: 4.93bn
(Esps)
NAPF
Pension fund manager: Steve Russell
Pension scheme administrator: Electricity Pensions
Administration Ltd
Pension fund secretary: Steve Russell
Contact: Steve Russell 02476183868
Chairman of trustees: Graham Bartlett
Trustee: E.On Uk Trustees Ltd
Trustee Company: E.On Uk Trustees Ltd.
the % involved?: Aberdeen Asset Managers Ltd.
(Esps), Blackrock Investment Management (UK)
Ltd., Jupiter Asset Management Ltd, Western Asset
Management Co.Ltd., Insight Investment Managers,
Baillie Gifford, Legal & General, Longview &
Partners
Associates
Electricity Pensions Administration Ltd
Which legal advisers do you use?: DLA Piper
Asset Servicing
Servicing
AVC provider: Standard Life
Pension related software: Sage 200
employer have in the UK?: 10,000 to 100 000
6 to 10
Pensioners: 29,700
Annual contributions: 158m
Annual expenditure: 310m
your scheme?: 23.7%
Employer contribution: Same
nominated?: 7
nominated?: 5
INDEPENDENT?: 0
Yes
If yes, where have these changes occurred?: Market
movements

33. Prudential Plc
4.90bn
Scheme name: Prudential Plc Defned Beneft
Scheme
Address: 3 Sheldon Square, London W2 6PR
Email address: andrew.parncutt@prudential.co.uk
Phone: 02071502018
Fax: 02071502101
Total assets
DB: 4900m
DC: 50m
NAPF, Abi
Pension fund manager: Head Of Staff Pensions:
Andrew J.Parncutt Fpmi (Email: Andrew.Parncutt@
Prudential.Co.Uk)
Pension scheme administrator: JLT
Pension fund secretary: Prudential Group Secretariat
Contact: 020 7548 2919
Chairman of trustees: Michael Abrahams Cbe Dl
Trustee Company: Prudential Staff Pensions Ltd.
Trustee training provider: Aon Consulting
the % involved?: Artemis 2.3%, M&G Pooled 2.2%,
Marathon 2.4%, M&G 42.9%, Bgi 21%, Rogge
5.2%, Putnam 9.8%, JPMorgan 6.9%, Ppim 6.0%,
Silverfeet 1.3%
Watson
Prudential, Jardine Lloyd Thomson Beneft Solutions
Which legal advisers do you use?: Mayer Brown
International
Worldwide Securites Services
Performance measurement: JPMorgan
Pension related software: Open
2 to 5
Pensioners: 17,623
Annual investment income: 260m
Corporate bonds: 10%
Cash and deposits: 21%
Other: 4.9%
your scheme?: 75m P.A. Reducing to 50m P.A.
Employer contribution: Decrease
nominated?: 40%
nominated?: 60%
Yes
Increase in bonds/reduction in equities

34. Transport for London
4.61bn
Scheme name: TfL Pension Fund
Address: 4th Floor, Wing-Over-Station, 55 Broadway,
London SW1H 0BD
Email address: samanthalee@tfpensionfund.co.uk
Phone: 02079182906
based?: Trust-Based
Total assets
DB: 4.61bn
Which associations is the scheme a member of?: NAPF
Pension fund manager: Pensions Manager: Tim
Handley (Email: Timhandley@Tfpensionfund.co.uk)
Pension fund secretary: Stephen Field
Contact: Samantha Lee
Chairman of trustees: Maria Antoniou
Trustee: C.Miller, G.Duffy, Hugh Hood, J.Godbold
J.Hamilton, J.Hart, J.Timbrell, M.Ainsworth,
M.Swiggs, Nicola Belben, P.Sikorski, P.Worthington,
S.Grant, Steve Allen, T.Robson
T.Scanlon
Trustee Company: Tf Trustee Co.Ltd.
Trustee training provider: Towers Watson, Mercer,
Buck Consulting
the % involved?: Alliancebernstein Institutional
Investments (11%), Baillie Gifford & Co. (11%),
Barclays Global Investors Ltd. (49%), Bridgewater
Associates (2.5%), Goldman Sachs Asset
Management International (20%), Nomura Asset
Management U.K. Limited (6.5%)
Which legal advisers do you use?: Sackers
Performance measurement: Mellon Analytical
Solutions (Mas)
AVC provider: Clerical Medical Investment Group
Ltd., The Equitable Life Assurance Society, The
Standard Life Assurance Co.
Pension related software: Xafnity Claybrook
(Compendia)
21 to 50
Pensioners: 30,474
Avcs: 32341000
nominated?: 50
nominated?: 50
INDEPENDENT?: 0

35. IBM United Kingdom
Pensions Trust Ltd.
4.30bn
Scheme name: IBM Pension Plan/IBM It Solutions
Pension Scheme
Address: Po Box 41, North Harbour, Portsmouth
PO6 3AU
Email address: david_newman@uk.ibm.com
Phone: 02392561000
Type of scheme: Defned Beneft,Defned
Contribution,Hybrid
Total assets
DB: 4,300m
DC: 500m
What year was this scheme established?: 1957 (DB),
1997 (DC)
NAPF
Pension fund secretary: Pension Trust Manager
& Co.Secretary: David M.Newman (Email:
David_Newman@uk.ibm.com), Senior Pensions
Specialist: Adrian Furnell (Email: Adrian_Furnell@
uk.ibm.com), Finance Manager: Brian Williams
(Email: Brian_Williams2@uk.ibm.com)
Chairman of trustees: James S.Lamb
Trustee: D.Gamble, G.Spittle, G.Wilson, H.D.Mitchell,
J.J.Greene, L.S.Kannengieser, M.Butcher, R.Bridges,
S.D.Wilson, J.Ferrar, J.L. De Gandt
Trustee Company: IBM United Kingdom Pensions
Trust Ltd.
the % involved?: Blackrock Investment Management
(UK) Ltd. (Index Linked Fixed Interest 547m), Capital
International Ltd. (Far East & Emerging Market
Equities 313m), Cb Richard Ellis (Property 314m),
The Equitable Life Assurance Society (Avcs 27m),
Frank Russell Company Ltd. (Europe & Global
Equities 602m), Friends Provident Plc (AVCs 39m),
Insight Investment (UK Fixed Interest 297m),
Legal & General Investment Management Ltd.
(European Equities & Avcs 354m), Northern Trust
Global Investments (Cash & Global Fixed Interest
507m), Pantheon Ventures Ltd. (Venture Capital
1m), Record Currency Management Ltd. (Currency
Overlay 10m), Schroder Investment Management
Ltd. (Japan Equities 188m), State Street Global
Advisors United Kingdom Ltd. (US & UK Equities
1,907m), Western Asset Management Co.Ltd. (UK
Fixed Interest 195m)
Please name all of your investment advisers: Frank
Russell Company Ltd, Towers Watson
Which legal advisers do you use?: Nabarro, Boodle
Hatfeld (Property)
Trust Company
AVC provider: Friends Provident Plc
Legal & General Investment Management Ltd.
Pensioners: 11,410
Avcs: 159507000
Overseas fxed interest: 478521000
36. Merseyside County Council
4.30bn
Scheme name: Merseyside Pension Fund
Address: Box 120, Castle Chambers, 43 Castle Street,
Liverpool L69 2NW
Email address: guyhayton@wirral.gov.uk
Phone: 01512421309
Mobile: 01512421361
Type of scheme: Defned Beneft
37. Civil Aviation Authority
4.25bn
Scheme name: Civil Aviation Authority Pension
Scheme
Address: 45-59 Kingsway, London WC2B 6TE
Email address: shelley.boyden@caa.co.uk
Phone: 02074536744
NAPF
Administration & Development Manager: Marion
Johnstone (Edinburgh)
Pension fund secretary: Investment Director: John
Emly (Email: John.Emly@Caa.Co.Uk)
General Manager, Pensions & Secretary: Nicholas
John Perry Fca Fpmi (Email: Nick.Perry@Caa.Co.Uk)
Chairman of trustees: Roger Mountford
Trustee: Nigel Fotherby, Rupert Britt, Philip
Jad(Employer Nominated), Tony Ma, Mark
Leatherbarro, Kevin Dean, Tim Mandergillian Martin
Trustee Company: Tony Cowell
Trustee training provider: Richard Jackson
Investments, Axa Rosenberg Investment
Management Ltd., Barclays Global Investors Ltd.,
Blackrock International Ltd., Blackrock Investment
Management (Uk) Ltd., Capital International Ltd.,
Cb Richard Ellis Investors, Fidelity International,
JPMorgan Asset Management, Legal & General
Investment Management Ltd., Martin Currie
Investment Management Ltd., Russell Investment
Group, Vencap International Plc
Please name all of your investment advisers: Frank
Russell Company Ltd
Which legal advisers do you use?: Reed Smith
Richards Butler, The Secretary And Legal Adviser to
The Civil Aviation Authority
Trust Company, Northern Trust
AVC provider: Fidelity
How many members do you have that are
Pensioners: 7,000
Hedge funds: 137.2m
Avcs: 11.2m
Cash and deposits: 20.5m
Other: 91.2m
Overseas equities: 769.5m
Private equity: 75m
Index linked gilts: 1997.7m
your scheme?: 6 to 10% 6 to 10%
nominated?: 50%
nominated?: 50%

38 Marks & Spencer Group
3.98bn
Scheme name: Marks & Spencer Defned Beneft
Scheme
Address: Waterside House, 35 North Wharf Road,
London W2 1NW
Email address: john.westgate@marks-and-spencer.
com
Phone: 02087184970
Fax: 02087187721
Contribution, Defned Beneft (Final Salary) - Closed
to New Members
NAPF
Pension fund manager: Head of Corporate Pensions
& Secretary: Lynn Collins
Deputy Head of Corporate Pensions: John Westgate
Pension scheme administrator: In House
Pension fund secretary: Lynn Collins
Chairman of trustees: Tony Watson
Trustee: Graham Oakley, David Eyre, Janet Birkin,
Paul Friston, Sonja Greenwood, Andrea Myers, Nick
Bullock, John Peachey, John Wareham
Richard Wolff, Law Debenture
Trustee Company: Marks & Spencer Pension Trust
Ltd.
Trustee training provider: In House
Investments, Barclays Global Investors Ltd., Cb
Richard Ellis Investors, Henderson Global, Investors
Insight Investment, Marathon Asset Management
Llp, Carnegie Asset Management, State Street Bank
& Trust Company, Newsmith Asset Management Llp,
rogge Global Partners Plc, Wellington Management
International, Ltd., Trilogy
Watson
In house Administration, DC Solutions,Marks &
Spencer Shared Services
Which legal advisers do you use?: Linklaters
& Trust Company
Solutions (Mas)
Pension related software: Penserver (Claybrook)
11 to 20
Pensioners: 45,918
pension scheme sponsor company?: 152.2m
your scheme?: 23.2%
your scheme?: 0%
Member contribution: Decrease
nominated?: 42%
nominated?: 42%
INDEPENDENT?: 16%

39. Lloyds TSB Group Plc
3.89bn
Scheme name: Lloyds TSB Group Pension Scheme
No.2
Address: Pensions Department, Bank House, Wine
Street, Bristol BS1 2AN
Email address: steve.robson@lloydstsb.co.uk
Phone: 01179233720
Fax: 01179233738
Trustee Company: Lloyds TSB Group Pension
Scheme No.2
Watson
Which actuary(ies) do you use: Towers Watson,
Hewitt Associates

40. BMW (UK) Holdings Ltd.
3.86bn
Scheme name: BMW (UK) Holdings Operations
Pension Scheme
Address: BMW (UK) Pensions, P.O.Box 10277,
Redditch, Worcs. B97 4WA
Phone: 01527587950
Fax: 01527587952
What year was this scheme established?: Started
1975 Bl (Hourly Paid) Pension Scheme & 1976 Bl
(Staff) Pension Scheme; Merged 1991 As Rover
Group Pension Scheme; Name Changed to Bmw
(Uk) Operations Pension Scheme In 2002
NAPF, Prag
Pension fund manager: Pensions Director: Chris
Wood Apmi (Email: Chris.Wood@bmwgroup.com)
Pension fund secretary: Secretary: K.L.Craddock
Fcca Apmi
Trustee Company: BMW (UK) Trustees Ltd.
Investments (Global Equity 235m), Barclays Global
Investors Ltd. (Bonds 1,099m), Gmo UK Limited
(Global Equity 117m), Insight Investment (Bonds
529m), Legal & General Investment Management
Ltd. (Property 463m), Pimco Europe Ltd. (Bonds
533m), UBS Global Asset Management (Global
Equity 665m)
Associates
Which legal advisers do you use?: Lawrence
Graham
Which custodian frm do you use?: Barclays Global
Investors Ltd, JPMorgan Worldwide Securities
Services
Solutions (Mas)
AVC provider: Invesco Perpetual, Prudential, The
Equitable Life Assurance Society (Closed to New
Entrants)
21 to 50
Pensioners: 61,831
Corporate bonds: 347526000
Private equity: 38614000
pension scheme sponsor company?: 283m
your scheme?: 0.148% 0.047%
your scheme?: 0.047%
nominated?: 7
nominated?: 7

41. South Yorkshire Pensions
Authority
3.72bn
Scheme name: South Yorkshire Pension Fund
Address: 18 Regent Street, Barnsley, S.Yorkshire
S70 2HG
Email address: jhattersley@sypa.org.uk
Phone: 01226770770
Lipff, Fsa
Pension fund manager: Clerk & Treasurer:
W.J.Wilkinson LPFA assistant Treasurer: David
Wilkinson (Email: Dwilkinson@sypa.org.uk) Fund
Manager: John Hattersley (Email: Jhattersley@sypa.
org.uk)
Chairman of trustees: Councillor A Sangar
the % involved?: UBS Global Asset Management
(Bonds 6%), Western Asset Management Co.Ltd.
(Bonds 6%), In-House (88%)
Please name all of your investment advisers: S.
Arkle, A.S.Hardy, N.Mackinnon
Which auditor(s) do you use: Audit Commission
Which legal advisers do you use?: Addleshaw
Goddard, Burges Salmon, Pinsent Mason, Dundas
And Wilson, South Yorkshire Joint Secretariat
Which custodian frm do you use?: HSBC Securities
Services
AVC provider: Scottish Widows, Equitable Life
Assurance Society, Prudential
Pensioners: 33,250
42. Invensys Pensions
3.57bn
Scheme name: Invensys Pension Scheme
Address: Higham House, New Bridge Street West,
Newcastle Upon Tyne NE99 1TG
Email address: robin.cleassans@invensyspensions.
co.uk
Phone: 01912061035
Fax: 01912061031
NAPF
Pension fund manager: Chief Executive Offcer
Mr Robin Claessens, Robin.Claessens@
invensyspensions.co.uk
Pension scheme administrator: Mike Leggett
Pension fund secretary: Mike Leggett
Contact: Mike Leggett 0191 206 1030
Chairman of trustees: Kathleen ODonovan, Eleanor
Whitfeld, Ian Fyfe, Keith Ireland, Martin Barkerer,
Steve Mcdonnell, Tferristony Geoff Gayfer
Trustee Company: Invensys Pension Trustee Ltd.
Trustee training provider: Mike Leggett
Please name all of your investment advisers: Psolve
Which actuary(ies) do you use: Punter Southall
Which legal advisers do you use?: Norton Rose, dwf
Asset Servicing
Performance measurement: BNY Mellon
Pension related software: Bespoke
Pensioners: 55,257
nominated?: 5
nominated?: 4
INDEPENDENT?: 0
No

43. Tesco Plc
3.45bn
Scheme name: The Tesco Plc Pension Scheme
Address: Tesco House, Maes-Y-Coed Road, Cardiff
CF14 4TT
Email address: jayne.newton@uk.tesco.com
Phone: 01992647161
Purchase) - Closed to New Members, Defned
Beneft (Care) - Open to New Members
NAPF
Pension fund manager: Ruston Smith (Email Ruston.
Smith@uk.tesco.com)
Contact: 01992 647161
Chairman of trustees: Rowley Ager
Trustee Company: Tesco Pension Trustees Ltd.
Towers Watson
the % involved?: Bridgewater Associates Inc,
Bridgepoint Capital Ltd, City Of London Investment
Management company Ltd, CVC Capital Partners Ltd,
First State Investment Management Ltd, Harbourvest
Partners Ltd, Rainier Investments Management Inc,
Sankaty Advisors Llp, Taube Hodson Stonex Partners
Llp, Tt International, Wyper Capital Management Lp.
Associates
Which legal advisers do you use?: Berwin Leighton
Paisner, Linklaters
Services, JPMorgan Worldwide Securities Services
Solutions (Mas)
AVC provider: Prudential The Standard Life
Assurance Co.
employer have in the UK?: More Than 100,000
51 to 100
Pensioners: 30,387
Hedge funds: 119,618,000
Cash and deposits: 126,041,000
Other: 81,681,000
Overseas real estate: 323,869,000
Private equity: 67,894,000
your scheme?: 10.9% 4.75%
your scheme?: 4.75%
nominated?: 3
nominated?: 5
INDEPENDENT?: 1
44. Pensions Trust For
Charities And Voluntary Orgs
3.44bn
Scheme name: The Pensions Trust
Address: 4th Floor, 210 Borough High Street, London
SE1 1JX
Email address: susannah.brear@thepensionstrust.
org.uk
Phone: 01133942541
Fax: 01132345599
Type of scheme: Hybrid - Open to New Members
NAPF
Pension fund manager: Stephen Nichols Apmi, Miod,
Frsa (Email: Stephen.Nichols@thepensionstrust.
org.uk)
Pension scheme administrator: Richard K.Stroud
Fpmi, Fpas (Email: Richard.Stroud@thepensionstrust.
org.uk)
Head Of Compliance: Karen Parry Apmi (Email:
Karen.Parry@thepensionstrust.org.uk), Head Of
Finance: Mark Rogerson (Email: Mark.Rogerson@
thepensionstrust.org.uk
Chairman of trustees: John Alleston (Employer
Nominated)
Trustee: Employer Nominated Director: Stephen
Duckworth, Lynda Howe, Dennis Jones, Richard
Marshall, Keith Nunn, Barry Smith, Clive Unitt,
Member Nominated Director: Valerie Ching, Philip
Edwards, Alan Herring, Alison Massie, Bruce
Nelson, David Prince, Joe Robertson, Clare Smith
Trustee Company: Verity Trustees Ltd.
SBJ Beneft Consultants Ltd.
the % involved?: Barclays Global Investors Ltd.
(Global Equities - Active 17.3%), Capital International
Ltd. (Global Equities - Active 10.7%), Cb Richard Ellis
Investors (UK Commercial Property 6.1%), F&C Asset
Management Plc (UK Ethical Equities - Active 1.2%),
Fidelity International (Pan-European Equities - Active
10.2), Legal & General Investment Management
Ltd. (Global Equities And Uk Bonds - Passive 35.7),
Morley Fund Management Ltd. (UK Bonds - Active
& UK Money Market Active 15%), Standard Life
Investment Ltd. (Global Bonds - Active 3.3%)
Watson, Mercer
Which actuary(ies) do you use: HSBC Actuaries And
Consultants Limited, Pension Fund Consultants:, SBJ
Beneft Consultants Ltd
Which legal advisers do you use?: Linklaters, Mayer
Brown International Llp, McGrigors, Linklaters
Trust Company, Northern Trust
Pension related software: Edis Software
More than 100
Pensioners: 19,697
Other: 1895500000
45. Zurich Financial Services
3.40bn
Scheme name: Zurich Financial Services UK
Pension Scheme
Address: The Grange, Bishops Cleeve, Cheltenham,
Glos. GL52 8XX
Email address: gwyneth.lloyd@uk.zurich.com
Phone: 01242511227
Fax: 08703330851
Contribution, Defned Beneft (Final Salary) &
Defned Contribution
(Eagle Star, Allied Dunbar & Zurich Insurance
Scheme Merged 2000)
NAPF
Pension fund manager: Head of UK Pensions: Gillian
Mitchell Apmi (Email: Gillian.Mitchell@uk.zurich.
com)
Pension scheme administrator: David Lidbury (Email:
David.Lidbury@uk.zurich.com)
Pension fund secretary: Secretary to The Trustees:
Gwyneth Lloyd Apmi
Pensions Technical Manager: Mike Elston
Chairman of trustees: Ian Stuart
Trustee: Director: Alan Wood
Bill Paton, Paul Colley, Edward Bacon, Chris
Mccormack, Dave Hodges, Clive Gilchrist, Ian Stuart
Trustee Company: Zurich Financial Services Uk
Pension Trustee Ltd.
the % involved?: Threadneedle Asset Management
Ltd.
Please name all of your investment advisers: Watson
Wyatt Ltd.
Which actuary(ies) do you use: Barnett Waddingham
Which legal advisers do you use?: Simmons &
Simmons
Solutions (Mas)
AVC provider: Threadneedle Asset Management Ltd.
Pensioners: 7,800
Avcs: 12000000
nominated?: 4
nominated?: 4
INDEPENDENT?: 1

46. The Boots Company Plc
3.30bn
Scheme name: Boots Pension Scheme
Address: 1 Thane Road, Nottingham NG2 3AA
Email address: clive.weston@boots-plc.com
Phone: 01159594206
NAPF
Head of Pensions & Secretary: Clive Weston Fcis
Fcib Apmi Fpmi
Chairman of trustees: R. Oppenheim
Trustee: A.J Andrews, D.C.G. Foster, I.A.Hawtin,
K.Murphy, P.G.Dunne, A.Potter, J.Sahota, G.R.Solway
Trustee Company: Boots Pensions Ltd.
the % involved?: Legal & General Investment
Management Ltd.
Associates
Which legal advisers do you use?: Slaughter and
May, Sacker & Partners Llp
Services
AVC provider: Aegon Scottish Equitable Plc
Pension related software: Ps Pensions
11 to 20
Pensioners: 24,330
Corporate bonds: 2,771m
Avcs: 17.1m
Other: 43.8m
your scheme?: 0.08%
nominated?: 4
nominated?: 5
INDEPENDENT?: 0
No

47. London Pensions Fund
Authority
3.24bn
Scheme name: London Pension Fund Authority
Pension Fund
Address: Dexter House, 2 Royal Mint Court, London
EC3N 4LP
Email address: corporate@lpfa.org.uk
Phone: 02073696001
Mobile: 02073696000
Fax: 02073696111
(Final Salary)
LGPS
Pension fund manager: Board Chairman: Anthony
Mayer
Chief Executive: Mike Taylor
Investment Director: Vanessa James
Director Of New Business: Jeff Houston
Pension scheme administrator: In-House
Pension fund secretary: Mike Taylor
Contact: 020 7369 6070 Kulsum Kaneez
Chairman of trustees: (Board Chairman) Anthony
Mayer
Trustee: 11 Board Members
Trustee Company: Board Of The London Pensions
Fund Authority
Trustee training provider: 11 Board Members
Please name the Investment Managers and
detail the % involved?: Barclays Global Investors
Ltd., Blackrock Investment Management
(Uk) Ltd., Goldman Sachs Asset Management
International, European Credit Management Ltd.,
Insight Investment, Legal & General Investment
Management Ltd., Mfs Investment Management,
Newton Investment Management Ltd., Record
Currency Management Ltd., Ubs Global Asset
Management
Please name all of your investment advisers: Peter
Moon, David Rough
Which auditor(s) do you use: Audit Commission,
Pwc (Internal) & Audit Commission (External)
Which legal advisers do you use?: Eversheds,
Nabarro
Insured with: Insured With: Zurich Municipal
Performance measurement: JPMorgan (Worldwide
Securities Services)
21 to 50
Pensioners: 33,737
your scheme?: Various

48. Mmc UK
3.21bn
Scheme name: Mmc UK Pension Fund
Address: 1 Tower Place West, Tower Place, London
EC3R 5BU
Email address: beverly.keene@mercer.com
Phone: 02073571000
Type of scheme: Hybrid, Trust-Based
NAPF
Pension fund manager: Pensions Director: Ann
Harrison (Email: Ann.Harrison@Mmc.Com)
Pension fund secretary: Dan Weatherly (Email: Dan.
Weatherly@Mercer.Com)
Contact: 0845 6000293, Mmcpensions.Uk@Mercer.
Com
Chairman of trustees: Director Of Corporate Trustee:
Peter Felton (Chairman)
Trustee: Mmc Uk Pension Fund Trustee Limited
the % involved?: Aberdeen Fund Managers Limited,
Aegon Asset Management Uk, Alliancebernstein
Limited, Harbourvest Partners Llc, Hg Capital
Investment Managers Limited, Insight Investment
Management (Global) Limited, Legal & General
Assurance (Pensions Management) Limited,
Marathon Asset Management Limited, Martin Currie
Investment Management Limited, Mercer Limited,
Northern Trust Global Cash Funds Plc, Northern
Trust Global Investment Limited, Pantheon Ventures
Limited, Putnam Investments Limited, Standard Life
Investments Limited, Stone Point Capital Llc, Ubs
Global Asset Management (Uk) Limited
Mercer
Stewart Law & Nabarros
Trust Company
Performance measurement: Mercer
2 to 5
Pensioners: 6,195

49. Diageo Plc
3.13bn
Scheme name: Diageo Pension Scheme
Address: Edinburgh Park, 5 Lochside Way, Edinburgh
EH12 9DT
Email address: nicole.graham@diageo.com
Phone: 01315192163
(Final Salary)
Total assets
DB: 3.13bn
What year was this scheme established?: 1st April
1999 Formed From The Merger Of Gud Pension Trust
And The Grandmet Group Pension Fund
NAPF
Pension fund manager: Head of Pensions: Nicole
Graham (Email: Nicole.Graham@diageo.com)
Pension Investment Governance Manager: John
Watson (Email: John.W.Watson@diageo.com)
Chairman of trustees: Gareth Williams
Trustee: Catherine James, Charles Coase, Gareth
Williams, Graham Logie, Ian Shaw, Robin Brockwitz,
Roderick Sivewright: Caroline Isaacs: David
Tennant: Elizabeth Paxton: Anna Manz
Trustee Company: Diageo Pension Trust Ltd.
the % involved?: Barclays Global Investors Ltd,
Marathon Asset Management Llp, Newsmith
Asset Management Llp, Pantheon Ventures Ltd,
Wellington Management International, Ltd., Western
Asset Management Co.Ltd, Alliance Bernstein Ltd,
Cbre Collective Investors Ltd, Cordea Savilles Llp,
Glg Partners Llp, Henderson Global Investors Ltd,
Investec Assett Management, Millenium Global
Investments Ltd, Record Currency Management Ltd:
Please name all of your investment advisers:
Hymans Robertson Llp
Trust Company
Pensioners: 29,553

50. South Tyneside
Metropolitan Borough Council
3.10bn
Scheme name: Tyne & Wear Pension Fund
Address: Hebburn Civic Centre, Campbell Park Road,
Hebburn, Tyne & Wear NE31 2SW
Email address: michael.davis@southtyneside.gov.uk
Phone: 01914244040
Fax: 01914838660
NAPF
Pension fund manager: Assistant Head of Pensions
(Benefts): Dave Smith
Head of Pensions: Stephen Moore
Assistant Head of Pensions (Investments): Ian
Bainbridge
Chairman of trustees: E Leask
Trustee: G Elsom (Vice-Chair), B Brady, J Mckie,
Tw Defty, Gh Finch, J Perry, O Puncheon, Jj Mearns
(Gateshead), B Goldsworthy (Gateshead Sub),
D Slesenger (Newcastle), B Renton (Newcastle
Sub), R Glindon (North Tyneside), C Gambling
(North Tyneside Sub), T Wright (Sunderland), J
Stephenson (Sunderland Sub)
the % involved?: Barclays Global Investors Ltd.
(Currency), Capital International Ltd. (Global Equities,
Emerging Market Equities), Coller Capital Ltd.,
Aberdeen Property Investors (Property)
Which legal advisers do you use?: In-House,
Trust Company
Performance measurement: Portfolio Evaluation
Ltd.
The Equitable Life Assurance Society
Pension related software: Comino Upm
51 to 100
Pensioners: 33,020
Corporate bonds: Included Within Domestic And
Overseas Fixed Interest
Hedge funds: 0
Unit trusts: 1,525.993m
Avcs: 8.229m
Other: 19.302m, Infrastructure= 31.467m
Venture capital: 0
nominated?: In Addition to The Voting Members
There Are 3 Trades Union Representatives
nominated?: In Addition to The Voting Members
There Are 3 Employer Representatives

51. Astra Zeneca UK Pension
Fund
3.10bn
52. TRW Benefit
Administration (UK)
3.00bn
Scheme name: TRW Pension Scheme
Address: 2020 The Crescent, Birmingham Business
Park, Birmingham B37 7YE
Email address: roy.middleton@trw.com
Phone: 01213294103
Fax: 01213294160
Total assets
DB: 3bn
Pension fund manager: Roy Middleton
Pension scheme administrator: Trw Beneft
Administration
Pension fund secretary: UK Pension Manager &
Secretary: Roy Middleton (Email: Roy.Middleton@
trw.com)
Trustee Company: Trw Pensions Trust Ltd.
the % involved?: Capital International Ltd. (Emerging
Markets 1%), Western Asset Management Co.Ltd.
(Corporate Bonds 3), Legal & General Investment
Management Ltd. (Equity & Bonds
Which actuary(ies) do you use: Hymans Robertson
Llp
Which legal advisers do you use?: Allen & Overy,
Which custodian frm do you use?: ABN Amro
Mellon Global Securities Services
Performance measurement: ABN Amro Mellon
Global Securities Services B.V.
The Wm Company
Pension related software: Rebus
Pensioners: 37,281
your scheme?: Other 0.03%
your scheme?: 0.03%
nominated?: 4
nominated?: 5

53. RWE npower Group
2.92bn
Scheme name: RWE npower Group Defned Beneft
Scheme
Address: Windmill Hill Business Park, Whitehill
Way, Swindon SN5 6PB
Email address: jean.willows@rwenpower.com
Phone: 01793893469
Fax: 01793894955
Contribution, Defned Beneft (Final Salary)
Total assets
DB: 2,929,100
DC: 3,200
Espf
Pension fund manager: Joy Moore
Pension scheme administrator: MNPA
Pension fund secretary: Robert Hamer (Hewitt)
Chairman of trustees: Alan Robinson, John Coughlan,
John Leggott, Tom Massey, Brian Clayton, Gawen
Hodgson Martin Selby Jason Clark Joy Moore
Trustee Company: RWE npower
detail the % involved?: Aqr Capital Management,
Baillie Gifford & Co., Blackstone Alternative Asset
Management, Insight Investment, Southeastern
Asset Management, State Street Global Advisors
United Kingdom Ltd., Western Asset Management
Co.Ltd., Cbre Investment
Mnpa
Which legal advisers do you use?: Pinsent Masons,
Asset Servicing
Performance measurement: HSBC Securities Ltd
2 to 5
Pensioners: 23,979
Annual contributions: 128,900
Annual investment income: 87,000
Annual expenditure: 237,700
Other: 0.133%
nominated?: 3
nominated?: 3
INDEPENDENT?: 3
No

54. Lancashire County Council
2.90bn
Scheme name: The Lancashire County Pension Fund
Address: County Hall, Fishergate, Preston
PR1 0LD
Email address: diane.lister@pay.lancss.gov.uk
Phone: 01772534827
Fax: 01772533948
(Final Salary)
Total assets
DB: 2.9bn
NAPF
Pension fund manager: Mike Jensen = Head Of
Pension Fund
Pension scheme administrator: Pension Services
Manager: Diane Lister
Pension fund secretary: Phil Halsall
Contact: Diane Lister, 01772534827
Chairman of trustees: Cc David Westley
Trustee: The Pension Fund Committee
Trustee Company: Trustees: Lancashire County
Council
detail the % involved?: Capital Dynamics (Private
Equity 130,085,000), Gottex Asset Management
(Hedge Fund Of Funds 660000), Jpmorgan Asset
Management (UK Equities 508208000), Legal &
General Investment Management Ltd. (Multi-Asset
1898915000), Newton Investment Management
Ltd. (Global Equities 506346000), Knight Frank
Llp (Property 257507000), Ubs Global Asset
Management (Bonds 436407000), ,
Please name all of your investment advisers: Mercer,
Noel Mills, Eric Lambert
house Administration, Other
Which legal advisers do you use?: In House,
Asset Servicing, ABN Amro Mellon Global
Securities Services B.V.
Performance measurement: Investment Property
Databank Ltd., The Wm Company
AVC provider: Prudential The Equitable Life
Assurance Society
More than 100
Pensioners: 34,000
nominated?: 2
nominated?: N/A
INDEPENDENT?: 0

55. Royal & SunAlliance
2.83bn
Scheme name: SAL Pension Scheme

56. Network Rail
2.80bn
Scheme name: Network Rail Section Of The
Railways Pension Scheme
Address: 40 Melton Street, London NW1 2EE
Phone: 02075578539
(Final Salary)
NAPF
Pension fund secretary: Susan Adeane
Chairman of trustees: James Jerram
Trustee Company: Railway Pension Trustee
Company Ltd.
the % involved?: Rpmi
Please name all of your investment advisers: Rpmi
Rpmi
Bruckhaus Deringer
2 to 5
Pensioners: 6,300
Hedge funds: 17.2m

57. British Energy Plc
2.80bn
Scheme name: British Energy Generation Group of
ESPS
Address: Systems House, Alba Campus, Livingston,
West Lothian EH54 7EG
Email address: graeme.robertson@british-energy.
com
Phone: 01452652222
Total assets
DB: 2,800,000,000
NAPF
Pension fund manager: Graeme Robertson
Pension scheme administrator: Hewitt Associates
Pension fund secretary: Graeme Robertson
Contact: Graeme Robertson 01355 846 158
Chairman of trustees: John Mcgregor
Trustee training provider: Hewitt Associates, Mercer
Hewitt Associates
Which legal advisers do you use?: Clifford Chance,
Asset Servicing
Performance measurement: BNY Mellon
2 to 5
Pensioners: 8,000
your scheme?: 27.3% 4 to 5%
nominated?: 6
nominated?: 4
INDEPENDENT?: 1
No

58. MNOPF Trustees Ltd
2.70bn
Scheme name: Merchant Navy Offcers Pension
Fund Or MNOPF For Short.
Address: Ashcombe House, The Crescent,
Leatherhead, Surrey KT22 8LQ
Email address: linda.corbett@mnopf.co.uk
Phone: 01372200904
Fax: 01372362116
(Care)
NAPF
Pension fund manager: Linda Corbett
Pension scheme administrator: MNPA Ltd
Pension fund secretary: MNPA Ltd
Contact: Switch Board Number: 01372 200900, 01372
200920: Fax Number
Chairman of trustees: Pg Mcewen
Trustee: MNOPF Trustees Ltd
Trustee Company: MNOPF Trustees Ltd
MNPA Ltd
Which legal advisers do you use?: Baker and
McKenzie
Performance measurement: Wm Company
AVC provider: The Equitable Life Assurance
employer have in the UK?: Less Than 25
11 to 20
Pensioners:24,824

59. Sainsbury Plc
2.61bn
Scheme name: J.Sainsbury Pension & Death Beneft
Scheme
Address: 4th Floor, Norwich House, 9-11 Streatham
High Road, London SW16 1DU
Email address: janice.hawkins@sainsburys.co.uk
Phone: 02076958728
Total assets
DB: 2,619,641,000
NAPF, Pensions Investment Forum
Pension fund manager: Head of Pensions: David
Brennan
Deputy Head Of Pensions: Bronwen Jones,
Bronwen.Jones@Sainsburys.co.uk
Contact: 020 7696 8502, Wendy Davis
Chairman of trustees: John Adshead
Trustee: Hamish Elvidge, Helen Webb, Keith
Bowden, Paul Bryan, Robert Connelly, Bestrustees
Plc, The Law Debenture Pension Trust Corporation
Plc
Trustee Company: J.Sainsbury Trustees Ltd.
the % involved?: Aberdeen Asset Managers,
Adams Street Partners, Barclays Global Investors,
Essemplia, Financial Risk Management, Fx
Concepts, Goldman Sachs Asset Management
International, Harbourvest Partners (UK), Lafayette
Investment Management (UK), Northern Trust
Company, Partners Group, Pimco, Record Curreny
Management, Russell Implementation Services,
State Street Global Advisors UK.
Please name all of your investment advisers: Russell
Investments
Which auditor(s) do you use: Horwath Clark
Whitehill
Which legal advisers do you use?: Denton Wilde
Sapte, Eversheds
Trust Company
employer have in the UK?: More than 100 000
Pensioners: 22,767
nominated?: 4
nominated?: 5
INDEPENDENT?: 0

60. Kent County Council
2.48bn
Scheme name: Kent County Council Superannuation
Fund
Address: County Hall, Maidstone, Kent ME14 1XQ
Email address: alison.mings@kent.gov.uk
Phone: 01622671411
Total assets
DB: 2,489,098,000
LGPS
Pension fund manager: Pension Fund and Financial
Services Manager: Nick Vickers
Pension scheme administrator: Pat Luscombe
Pension fund secretary: Finance Director: Lynda
Mcmullan
Chairman of trustees: James Scholes
the % involved?: Alliance Bernstein 9.1%, Baillie
Gifford 16.8%, Dtz 9.4%, Gmo 6.7%, Goldman Sachs
9.7%, Henderson 0.4%, Invesco 12.2%, Schroders
28.4%, Statestreet Global Advisors 5.8%
Which legal advisers do you use?: Kcc Legal
Services,
Databank Ltd., The Wm Company
The Standard Life Assurance Co.
21 to 50
Pensioners: 27,898
your scheme?: 23.1%
your scheme?: 5.5-7.5%
nominated?: KCC is the designated statutory body
responsible for administering Kent pension fund
part of the local government pension scheme. The
administering authorities are delegated to the
superannuation fund committee. The Committee
Consists Of: 8 County Councillors, 3 District
Councillors Nominated By 12 District Councils (All
With Full Voting Rights), 1 Medway Council Rep, 1
Trade Union Rep Nominated By Unison, 1 Staff Rep,
And 2 Pensioner Reps Nominated By Kent Active
Retirement Fellowship.
nominated?: KCC Is The Designated Statutory Body
Responsible For Administering Kent Pension Fund
Part Of The Local Government Pension Scheme.
The Administering Authorities Are delegated to The
Superannuation Fund Committee. The Committee
Consists Of: 8 County Councillors, 3 District
Councillors Nominated By 12 District Councils (All
With Full Voting Rights), 1 Medway Council Rep, 1
Trade Union Rep Nominated By Unison, 1 Staff Rep,
And 2 Pensioner Reps Nominated By Kent Active
INDEPENDENT?: KCC Is The Designated Statutory
Body Responsible For Administering Kent
Pension Fund Part Of The Local Government
Pension Scheme. The Administering Authorities
Are Delagated to The Superannuation Fund
Committee. The Committee Consists Of: 8 County
Councillors, 3 District Councillors Nominated
By 12 District Councils (All With Full Voting
Rights), 1 Medway Council Rep, 1 Trade Union
Rep Nominated By Unison, 1 Staff Rep, And
2 Pensioner Reps Nominated By Kent Active
No

61. Nottinghamshire County
Council
2.47bn
Scheme name: Nottinghamshire County Council
Pension Fund
Address: County Hall, West Bridgford, Nottingham
NG2 7QP
Phone: 01159823823
Fax: 01159455280
NAPF, Lipff
Pension fund manager: Ayub Mamoojee
Pension scheme administrator: Ayub Mamoojee,
Jeff Nash
Pension fund secretary: Deputy Superannuation
Offcer: John Fairbanks
Investments Manager: John Pearson
Contact: Ayub Mamoojee@Nottscc.Gov.Uk
Chairman of trustees: Councillor Michael Cox
detail the % involved?: John Pearson Investments
Manager
Which auditor(s) do you use: District Audit Service
Which legal advisers do you use?: Freeth Cartwright
& Trust Company
Scottish Widows
Pensioners: 21,000
your scheme?: Varied

62. Northern Ireland Local
Government Officers
Superannuation Committee
2.47bn
Scheme name: Northern Ireland Local Government
Offcers Superannuation Fund
Address: Templeton House, 411 Holywood Road,
Belfast BT4 2LP
Email address: info@nilgosc.org.uk
Phone: 0845 308 7345
Website: www.nilgosc.org.uk
Total assets
DB: 2.474bn
NAPF, LIPFF
Pension scheme administrator: Zena Kee
Pension fund secretary: Deane Morrice MBE, FCCA,
Dip Com
Contact: info@nilgosc.org.uk
Chairman of trustees: Trevor Salmon, OBE
the % involved?: Legal and General (47%), Baillie
Gifford (14%), Wellington Management (11%),
Aberdeen Asset Management (10%), BlackRock
Investment Management (6%)
Associates
Which auditor(s) do you use: Local Government
Auditor; ASM Horwath
Which legal advisers do you use?: Travers Smith,
Services
Performance measurement: HSBC Actuaries &
Consultants
Property advisers: La Salle Investment Management
Pension related software: AXISe
employer have in the UK?: 10,001-100,000
21-50
Pensioners: 23,483
Unit trusts: 1174425000.00
Avcs: 13200000.00
Other: 4126000.00
pension scheme sponsor company?: 1.007bn defcit
to your scheme?: 16-20%5.25% Manual Workers;
Between 5.5% and 7.5% Non Manual staff based on
whole time pay rate for their job
your scheme?: 5.25% Manual Workers; Between
5.5% and 7.5% Non Manual staff based on whole
time pay rate for their job
Employer contribution: Increased
Member contribution: Stayed the same
nominated?: 26-50%
nominated?: 26-50%
INDEPENDENT?: 1-25%
No

63. Firstgroup Plc
2.40bn
Scheme name: Firstgroup Pension Schemes
(2 Occupational Bus Schemes, 6 Rail Scheme
Sections, 6 LGPS Schemes)
Address: 395 King Street, Aberdeen, Aberdeenshire
AB24 5RP
Email address: richard.murray@frstgroup.com
Phone: 07850248210
Mobile: 01224650129
Fax: 01224650085
(Final Salary) - Open to New Members, Defned
Total assets
DB: 2.4bn In UK, Worldwide 2.9bn
NAPF
Pension fund manager: Group Pensions Director:
John D.Chilman (Email: John.Chilman@Firstgroup.
Com)
Pension scheme administrator: Mercer
Pension fund secretary: Secretary: Ian Robertson
Contact: Richard Murray, Pensions Manager, 01224
650129
Chairman of trustees: UK Bus Scheme: Richard
Soper & Martin Caroll
Group Scheme: John Chilman
Trustee: Uk Bus Scheme: Arif Shaikh, Joe Mackie,
Ronnie Williamson, Richard Soper, Martin Caroll,
Ian Humphreys
Group Scheme: John Chilman, Richard Soper, Trevor
Fenwick
Trustee Company: The First Group Pension Scheme
Ltd
the % involved?: UK Bus Scheme: Artemis, West
Lb, Odey, Taube Hodson Stonex, Partners Group,
Pantheon Ventures, Fauchier Partners, Ruffer,
Winton Capital, Schroders, Legal & General,
Western Asset Management,
Please name all of your investment advisers: Mercer,
UK Bus Scheme: Mercer
Which auditor(s) do you use: Ernst & Young, Grant
Thornton
Mercer
Which legal advisers do you use?: Burges Salmon,
& Trust Company
Insured with: Canada Life Assurance Company
Pension related software:
6 to 10
Pensioners: 27,000
Deferred pensioners:
Annual contributions: 120m in the UK
Domestic equities: 340m
Corporate bonds: 410m
Hedge funds: 250m
Cash and deposits: 40m
Other: 90m
Overseas equities: 800m
Domestic fxed interest: 340m
Overseas fxed interest: 50m
Domestic real estate: 340m
Private equity: 170m
Index linked gilts: 50m
nominated?: 0.5
nominated?: 0.5
INDEPENDENT?: 0
No

64. Hampshire County Council
2.40bn
Scheme name: Hampshire County Council Pension
Fund
Address: The Castle, Winchester, Hants. SO23 8UB
Email address: anthony.dodridge@hants.gov.uk
Phone: 01962847407
Total assets
DB: 2,396m
Local Government Pension Scheme
Pension fund manager: Head Of Pensions (Benefts):
Nick Weaver (Email: Nick.Weaver@hants.gov.uk)
County Treasurer: Jon Pittam
Pension fund secretary: Forward Planning Manager:
Anthony Dodridge
Loans & Investments Offcer: Vannah Duffn
Chairman of trustees: Chairman Of Pension Fund
Panel: M. N. Kemp-Gee
Trustee: Cc Reps On Pension Fund Panel:
T.K.Thornber C.Carter D.A.Kirk B.Tennent T.Thacker
A.G.Dowden B.D.Dash F.Allgood
Trustee Company: Hampshire County Council
(Uk Equity Portfolio 5.8% - Global Equity Portfolio
12.1% - European Property 2.0%), Alliancebernstein
Institutional Investments (Global Equity Portfolio
7.8%);, Cb Richard Ellis Investors (UK Property
4.3%), Legal & General Investment Management
Ltd. (Index-Linked Bond Portfolio 12.9%), Newton
Investment Management Ltd. (Global Equity Portfolio
11.7%), Schroder Investment Management Ltd. (UK
Equity Portfolio 9.9%), State Street Global Advisors
United Kingdom Ltd. (Index-Linked Bond Portfolio
12.9%), Western Asset Management Co.Ltd. (Global
Bond Portfolio 5.3%), Glg (UK Equity Portfolio 5.1%);
Alternative Investments 4.7%; Held Centrally 5.5%
Aberdeen
Hampshire County Council
Which legal advisers do you use?: Hampshire
County Council
Trust Company, Other
Insured with: Hampshire County Council
AVC provider: The Equitable Life Assurance Society,
Zurich Assurance Ltd.
Pensioners: 28,378
Annual investment income: 84,961
Cash and deposits: 5.5%
Other: 699624000
Overseas fxed interest: 5.3%
Overseas real estate: 2.0%
nominated?: 2
nominated?: 9
INDEPENDENT?: 2
Yes
Increased holding in private equity

65. Cheshire County Council
2.36bn
Scheme name: Cheshire Pension Fund
Address: Pension Section, County Hall, Chester
CH1 1SG
Email address: stephan.vanarendsen@
cheshirewestandchester.gov.uk
Phone: 01244973727
Fax: 01244602087
NAPF, Manifest
Pension fund manager: Stephan Van
Arendsen (Email Stephan.Vanarendsen@
cheshirewestandchester.gov.uk)
Pension scheme administrator: Pension Scheme
Administrator: Sue Smith (Email: Susan.Smith@
cheshire.gov.uk)
Fund Accountant: Nick Jones (Email: Nick.Jones@
cheshire.gov.uk)
Contact: Stephan Van Arendsen (Email Stephan.
Vanarendsen@cheshirewestandchester.gov.uk)
Chairman of trustees: Councillor Peter Mason
Trustee: Elected Members
Trustee Company: Cheshire West And Chester
Council
the % involved?: Adams Street Partners (Private
Equity 25,604m), Baillie Gifford & Co. (Equities &
Bonds 697,398m, Ecm (Secured Loans 31,309m),
Gmo Uk Limited (Global Equities 240,546m), Legal
& General Investment Management Ltd. (Equities
& Bonds 637,099m), Lexington Partners Uk Ltd.
(Private Equity 1,749m), Pantheon Ventures Ltd.
(Private Equity 17,379m), Prudential M&G (Secured
Loans 20,637m), Rockspring Pim Ltd. (Property
252,343m), Standard Life Investment Ltd. (UK
Equities 282,343m), Henderson, Goldman Sachs
Asset Management
Hymans Robertson
Asset Servicing
Servicing
Ltd.
Pensioners: 19,009
Annual expenditure: 117.747
Corporate bonds: 0
Unit trusts: 0
Avcs: 0
Other: 69,000,000 (Secured Loans)
Venture capital: 0
MEMBER nominated?: All except the trade union
Representative (By Their Parties)
nominated?: 0
INDEPENDENT?: 1 Trade union representative

66. City Of Edinburgh Council
2.31bn
Scheme name: Lothian Pension Fund
Address: 3/3 Waverley Court, 4 East Market Street,
Edinburgh EH8 8BG
Email address: pamela.bruce@edinburgh.gov.uk
Phone: 01315294510
Fax: 01315296229
(Final Salary)
Total assets
DB: 2,311,000,000
What year was this scheme established?:
Unpri
Pension fund manager: Head Of Investment &
Pensions: Geik Drever (Email: Geik.Drever@
edinburgh.gov.uk)
Administration Manager John Burns
Chairman of trustees: Cllr.Tim Mckay
Trustee: Cllr.Maggie Chapman
Cllr.David Beckett
Cllr.Ian Murray Cllr.Cameron Rose
Trustee Company: City Of Edinburgh Council
the % involved?: Axa Rosenberg Investment
Management Ltd., Baillie Gifford & Co., A.G.
Bisset & Co Ltd., Franklin Templeton Institutional,
Goldman Sachs Asset Management International,
Martin Currie Investment Management Ltd., Rogge
Global Partners Plc, Standard Life Investment Ltd.,
Record Currency Management Ltd., Jpmorgan
Asset Management, Wellington Management
International Ltd, .Lazard Asset Management Ltd,
Aberdeen Asset Management, Legal And General
Investment Management
Hymans Robertson Llp, Hymans Robertson Llp
Which auditor(s) do you use: Audit Scotland
Which legal advisers do you use?: In House
Which custodian frm do you use?: Citibank Global
Securities Services
Databank Ltd. Portfolio Evaluation Ltd
21 to 50
Pensioners: 16,921
your scheme?: 22.5%
Yes
If yes, where have these changes occurred?: Wider
Portfolio Based

67. Exel Plc (Deutsche Post Dhl)
2.31bn
Scheme name: Exel Retirement Plan Dhl Retirement
Plan
Address: C/O Dhl, The Merton Centre, 45 St.PeterS
Street, Bedford
MK40 2UB
Email address: bob.sherratt@dhl.com
Phone: 01234272222
Fax: 01234267519
Type of scheme: Defned Beneft,Hybrid, Hybrid
Total assets
DB: 2311,811m
DC: 386,358m
NAPF
Pension fund manager: Ray Martin- Vice President
UK Pensions
Pension scheme administrator: Charles Bennett
Pension fund secretary: Robert Sherratt
Chairman of trustees: Ron Amy Obe
Trustee Company: Exel Trustees Ltd, Dhl Trustees Ltd
Investments, Brandes Investment Partners,
Bridgwater Associates, JP Asset Management Ltd,
Advisers, Legal&General Investment Management
ltd., Loomis Saykes & Co L.P, Newton Investment
Mgt Ltd, Rcm (Uk) Ltd, State Street Global
Which auditor(s) do you use: Grant Thornton
house Administration, DC Solutions,Jardin lloyd
Thomson Beneft Solutions
Which legal advisers do you use?: Sackers,
Insured with: Self Insured
Servicing
AVC provider: Friends Provident
Pension related software: Axise Procentia
Pensioners: 37,672
Annual contributions: 103,612m
Annual investment income: 518,120m
Annual expenditure: 166,152m
Domestic equities: 447,530m
Corporate bonds: 420,287m
Hedge funds: 0
Unit trusts: 0
Cash and deposits: 42,669m
Other: 5,983m
Overseas equities: 574,627m
Domestic fxed interest: 447,530m
Overseas fxed interest: 105,497m
Domestic real estate: 447,530m
Private equity: 41,211m
Index linked gilts: 678,782m
Venture capital: 0
nominated?: 42%
nominated?: 42%
INDEPENDENT?: 16%
Yes
Reduction in equities, and increase in corporate
bonds

68. AXA
2.30bn
Scheme name: AXA UK plc Group Pension Scheme
69. Bath & North East
Somerset Council
2.30bn
Scheme name: Avon Pension Fund
Address: Floor 3 South, Riverside, Temple Street,
Bristol BS31 1LA
Email address: avon_pensions@bathnes.gov.uk
Phone: 01225395281
Fax: 01225395258
Total assets
DB: 2.3bn
What year was this scheme established?:
LAPFF
Pension fund manager: Director of Resources:
Andrew Pate
Investments Manager: Liz Feinstein (Email:
Liz_Feinstein@bathnes.gov.uk) Investments &
Custody Relationship Offcer: Julie Martin (Email:
Julie_Martin@bathnes.gov.uk) Manager, Benefts
Department: Steve mcmillan (Email: Steve_
Mcmillan@bathnes.gov.uk
Pension scheme administrator: Bath And North East
Somerset Council
Contact: Liz Feinstein, 01225395281
Chairman of trustees: Councillor Gordon Wood
the % involved?: Barclays Global Investors Ltd.,
Jupiter Asset Management D, Tt International,
Royal London Asset Management, Genesis, Invesco
Perpetual, State Street Global Advisers, Gottex
Asset Management, Lyster Watson & Co, Man
Investments, Figmet Capital Management, Stenham
Asset Management
Which legal advisers do you use?: Bath & North East
Somerset Council,
Asset Servicing
AVC provider: Friends Provident Plc
21 to 50
Pensioners: 19,562
your scheme?: Average 16.6%
70. Ford
2.20bn
Scheme name: Ford Motor Co Ltd Salaried Pension
Fund

71. Middlesborough Borough
Council
2.20bn
Scheme name: Teesside Pension Fund
Address: Po Box 99A, Municipal Buildings,
Middlesborough, Cleveland TS1 2QQ
Email address: mike.hopwood@mouchel.com
Phone: 01642727778
Fax: 01642727989
NAPF
Pension fund manager: Mike Hopwood
Pension scheme administrator: Mouchel Business
Services Ltd.
Pension fund secretary: Richard Long, Head Of Legal
Chairman of trustees: Abdul Majid
the % involved?: 25 frms
J. Memingway, P.G. Moon
Which actuary(ies) do you use: Barnett
Waddingham, Punter Southall
In-house Administration
Which legal advisers do you use?: Dechert, Other
Trust Company
21 to 50
Pensioners: 16,736
Annual expenditure: 100.8
Other: 3%
Overseas fxed interest: 5%
Index linked gilts: 0.02%

72. Leicestershire County
Council
2.18bn
Scheme name: Leicestershire County Council
Pension Fund
Address: County Hall, Glenfeld, Leicester
LE3 8RA
Email address: colin.pratt@leics.gov.uk
Phone: 01163057656
NAPF
Pension fund manager: Director of Corporate
Resources: B.Roberts
Pension Manager: Chris Haywood
Pension fund secretary: Investment Manager: Colin
Pratt
Trustee Company: Leicestershire County Council
detail the % involved?:, Capital International Ltd.,
Colliercapital Ukre, Fauchier Partners Ltd., Goldman
Sachs Asset Management International, Millennium
Global Investments Ltd.Aviva Asset Management,
Standard Life Investment Ltd., UBS Global Asset
Management, BNY Mellon, Ruffer, Pictet, Adams
Street Partners, Legal & General.
Hymans Robertson
More Than 100
Pensioners: 17,000
Domestic equities: 1.97bn
Corporate bonds: 7%
Hedge funds: 5%
Unit trusts: 0
Avcs: 0
Other: 13%
Domestic fxed interest: 1.97bn
Domestic real estate: 1.97bn
Private equity: 4%
Venture capital: 0
nominated?: 0
nominated?: 9
INDEPENDENT?: 0
No

73. Nestle UK Ltd.
2.17bn
Scheme name: Nestle UK Ltd.
Address: Pension Fund, St.Georges House, Park
Lane, Croydon CR9 1NR
Email address: sarah.drake@uk.nestle.com
Phone: 02086676525
Fax: 02086675885
Contribution
Total assets
DB: 2,179,332,000
DC: 3m
NAPF
Pension fund manager: Andrew White
Pension scheme administrator: Heather Anderton
Pension fund secretary: Tim Vaughan
Contact: Tel: 020 8667 6363, Fax: 020 8667 5885
Trustee Company: Nestle UK Pension Trust Ltd.
the % involved?: Nestl Capital Management Ltd,
Robusta Asset Management Ltd, Barclays Global
Investors, State Street Global Advisors, Fischer
Francis Trees & Watts, Henderson Global Investors,
Ing Real Estate Investment Management (UK)
Ltd, Invesco Asset Management Ltd, Blackrock
Investment Management (UK) Ltd, Schroder Property
Investment Management Ltd, Ignis Investment
Services Ltd, Aig Highstar Pantheon, Apax Partners,
Indigo Capital, Carlyle/Riverstone Harbourvest,
Knightsbridge Kohlberg Grosvenor Capital
Management
Please name all of your investment advisers: 11
Nestle Capital Advisers
Which actuary(ies) do you use: Lane Clark &
Peacock
Trust Company
Pension related software: Compendia (Xafnity
Claybrook)
21 to 50
Pensioners: 17,887
your scheme?: Other
your scheme?: 9% & 7%
nominated?: 5
nominated?: 5
INDEPENDENT?: 0
74. ITV plc
2.15bn
Scheme name: ITV Pension Scheme
Address: Pensions Department, London Television
Centre, Upper Ground, London SE1 9LT
Email address: enquiries@itv-pensions.com
Phone: 020 7157 6640
Contribution
based?: Trust based
Total assets
DB: 2.15bn
DC: 0.03bn
NAPF
Pension fund manager: C Jackson
Pension fund secretary: C Jackson
Contact: Kate Russell (01772 270001)
Chairman of trustees: G J Parrott
Trustee Company: ITV Pension Scheme Limited
Watson
Which auditor(s) do you use: Horwath Clark
Whitehill
In house administration, Jardine Lloyd Thompson
Beneft Solutions
Pensioners: 12,972
Corporate bonds: 14.98
Avcs: 0.61
Other: 24.74
Index linked gilts: 31.25
Overseas index linked gilts: 0.32
nominated?: 26-50%
nominated?: 51-75%
INDEPENDENT?: 0%
75. BAA Plc
2.14bn
Scheme name: BAA Pension Scheme
Address: Saxley Court, 121-129 Victoria Road, Horley,
Surrey RH6 7AS
Email address: david.russell@baapensions.com
Phone: 01293821717
to New Members
What year was this scheme established?: 1966=DB
NAPF
Pension fund manager: Head of Pensions: Mike
Macgregor (Email: Mike_Macgregor@baa.com)
Pension scheme administrator: BAA Pensions
Department
Pension fund secretary: Alistair Knowles
Chairman of trustees: Gordon Dewar
Trustee: Trustee Director:
S.Killick Mbe
Trevor Armstrong Mike Roberts, Julie Elder,
Trustee Company: Baa Pension Trust Co.Ltd.
Trustee training provider: Mercer
Cardano
Which auditor(s) do you use: Horwarth Clark
Whitehill
Which legal advisers do you use?: CMS Cameron
McKenna
AVC provider: Friends Provident Plc, Abbey
Pension related software: Aquila
nominated?: 3
nominated?: 3
INDEPENDENT?: 1

76. Telent plc
2.10bn
Scheme name: G.E.C 1972 Plan
Email address: peter.johnson@telent.com
Phone: 01926 693537
Type of scheme: Defned Benefts
based?:
Total assets
DB: 2,107,700,000
NAPF
Pension fund manager: Peter Harris
Pension scheme administrator: Dawn Hampton
Pension fund secretary: Graham Allen
Chairman of trustees: Bridge Trustees
Trustee Company: Stanhope Pension Trust Limited
the % involved?: Standard Life Investments, M&G
Investment Management, Cairn Financial Products
Ltd, Rogge Global Partners plc, Pimco Europe
Limited
Redington
Xafnity Paymaster
Which legal advisers do you use?: Eversheds Llp,
Sackers
Asset Servicing
6-10
Employee members: 928
Pensioners: 35,608
your scheme?: 6-10%
your scheme?: 1-3%
nominated?: 26-50%
nominated?: 26-50%
INDEPENDENT?: 26-50%
No

77. Bank Of England
2.10bn
Scheme name: Bank of England pension Fund
Address: Threadneedle Street, London
EC2R 8AH
Email address: kathryn.foster@bankofengland.
co.uk
Phone: 02076014671
(Final Salary) - Closed to New Members, Defned
NAPF
Pension fund secretary: Chief Investment Manager:
Michael Craig
Head Of Pension Trustee Support: Kathryn Foster
(Email: Kathryn.Foster@bankofengland.co.uk)
Chairman of trustees: Kit Farrow
Trustee: Trustee Director: Adrian Piper, Alastair
Clark, Alister Wilson, Christopher Peacock, John
Footman, Patrick Campbell, Stephen Collins, David
Rhind, Louise Redmond, Geoffrey Wilkinson
Trustee Company: BoE Pension Fund Trustees Ltd.
the % involved?: Bank Of England, Legal & General
Investment Management Ltd.
Watson
Bruckhaus Deringer,
Which custodian frm do you use?: Bank Of England
Pension related software: Penserver (Claybrooks)
6 to 10
Pensioners: 7,489
Avcs: 2557000
Other: 7955000
nominated?: 4
nominated?: 7

78. Scottish & Newcastle
2.09bn
Scheme name: Scottish and Newcastle Pension
Fund
79. Imperial Tobacco
2.05bn
Scheme name: Imperial Tobacco Pension Fund
Address: Po Box 735, Winterstoke Road, Bristol
BS99 1UP
Email address: phil.hughes@uk.imptob.com
Phone: 01173004121
Website: www.imperial-tobacco.com
Fax: 01179632860
NAPF
Pension fund manager: Group Pensions Executive:
William Mather (Email: William.Mather@uk.imptob.
com)
Pension fund secretary: Pensions Manager &
Secretary: Phil Hughes (Email: Phil.Hughes@
uk.imptob.com)
Contact: Phil.Hughes@uk.imptob.com
Chairman of trustees: M.F.Tudor
Trustee: A.G. Russell, D.J. Mciver, G. Blashill, R.
Dyrbus, R. Aspinall, G. Rigley, J. Downing
Trustee Company: Imperial Tobacco Pension
Trustees Limited
the % involved?: Barclays Global Investors, Baring
Asset Management, Fidelity International, Legal &
General Investment Management, Mfs Investment
Management, Schroder Investment Management,
Ubs Global Asset Management, Western
Asset Management, Wellington Management
International, Bluecrest Capital Management,
Which legal advisers do you use?: Osborne Clarke
AVC provider: Aegon Scottish Equitable Plc
6 to 10
Pensioners: 19,023
Avcs: 2,484,000
Other: Absolute Return 71,423,000
Overseas equities: 389,684,000
your scheme?: Other
your scheme?: 0.05%

80. Ford Motor Co.
2.05bn
Scheme name: Ford Motor Co Hourly Paid
Contributary Pension Fund

81. Scottish Power
2.00bn
Scheme name: Scottish Power Pension Scheme
Address: Avondale House, Phoenix Crescent,
Strathclyde Business Park, Bellshill, Lanarkshire
ML4 3NJ
Email address: tom.cuthbert@scottishpower.com
Phone: 01698396093
Fax: 01628396354
NAPF
Pension fund manager: UK Pensions Director: Paul
Mulhern (Email: Paul.Mulhern@Scottishpower.
Co.Uk)
Pension scheme administrator: Pension Scheme
Administrator: Mary Balloch
Sharon Mcateer
Pension fund secretary: Pension Fund Secretary:
Sheena Cowan
the % involved?: Baillie Gifford & Co., Barclays
Global Investors Ltd., Capital International Ltd., Cb
Richard Ellis Investors Insight Investment
Associates
Which pension fund administrator do you use?: AON
Consulting
Which legal advisers do you use?: Shepherd and
Wedderburn,
Trust Company
2 to 5
Pensioners: 8,552

82. The Boc Group Plc
2.00bn
Scheme name: The Boc Pension Scheme
Address: Boc Pensions and Sharesave, Chertsey
Road, Windlesham, Surrey
GU20 6HJ
Email address: bob.bryant@boc.com
Phone: 01483244165
Fax: 01276807660
Total assets
DB: 2bn
NAPF
Pension fund manager: Bob Bryant, Bob.Bryant@
boc.com
Pension scheme administrator: Boc Pension
Services
Contact: Bob Bryant 0148 3244 165
Trustee: Boc Pension Schemes Trustee Ltd
Trustee Company: Boc Pension Schemes Trustee Ltd
Trustee training provider: Hewitts Associates
the % involved?: GMO, Bailley Gifford, Goldman
Sachs, Western Investment Management, Insight,
Fauchier Partners, Ing, K2, Standard Life
Which pension fund administrator do you use?: Boc
Pension Services
International,
Asset Servicing
Management
AVC provider: Prudential, BlackRock, Aviva, Friends
Provident.
Pension related software: Northgate Arinso
Pensioners: 12,000
Hedge funds: 10%
pension scheme sponsor company?: 274m Defcit
your scheme?: Other
nominated?: 4
nominated?: 5
INDEPENDENT?: 2
83. John Lewis Partnership Plc
1.96bn
Scheme name: John Lewis Partnership Trust For
Pensions
Address: 171 Victoria Street, London SW1E 5NN
Email address: andrew_chapman@johnlewis.co.uk
Phone: 02075925658
based?: Trust based
Total assets
DB: 1,960m
DC: 170m
NAPF
Pension fund manager: Head of Pensions: Dinesh
Visavadia (Email:
Dinesh_Visavadia@johnlewis.co.uk)
Pension scheme administrator: Janet E.Bruce
(Email: Janet_Bruce@johnlewis.co.uk)
Trustee Company: John Lewis Partnership Pensions
Trust Ltd.
detail the % involved?: Baillie Gifford & Co (UK
Equities And Corporate Bonds), Bank of Scotland
(Infrastructure), Coller Capital (Private Equity), Dtz
(Property), Friess Associates (US Equities), Innisfree
(Infrastructure), Jfasset Management (Japanese
Equities), Neuberger Berger (Commodities),
Panagora Asset Management(Emerging Markets
Equities), PantheonVentures (Private Equity),
Prudential M&G (Infrastructure), Schroder
Investment Management(Global Equities), Schroder
Investment Management(Asia Pacifc Equities),
Ssga (Passive International Equities), Walter
Scott & Partners (Global Equities), Western Asset
Management Co (Bonds)
Associates
Which legal advisers do you use?: Eversheds, Other
Asset Servicing
Servicing
21 to 50
Employee members:
Pensioners: 22,000
Hedge funds: 9%
Avcs: 8%
Other: 5%
Overseas real estate: 1%
Private equity: 10%
nominated?: 4
nominated?: 5
INDEPENDENT?: 3
84. Hertfordshire County Council
1.94bn
Scheme name: Hertfordshire Local Government
Pension Fund
Address: County Hall, Pegs Lane, Hertford
SG13 8DQ
Email address: nicola.webb@hertscc.gov.uk
Phone: 01992555394
Fax: 01992555392
(Final Salary)
NAPF
Pension fund manager: Finance Director: Chris
J.Sweeney
Pension fund secretary: County Secretary: Andrew
Laycock (Email: Andrew.Laycock@hertscc.gov.uk)
Trustee Company: Investment commitee - consisting
of county councillors and district councillors
Investments, Baillie Gifford & Co., Blackrock
Investment Management (Uk) Ltd., Deutsche Bank
Advisors Harbourvest Partners (Uk) Ltd., Jp Morgan
Asset Management, Jupiter Asset Management Ltd.,
Permira, Rcm Uk Ltd, Standard Life Investment Ltd.
Serco Solutions
Asset Servicing
AVC provider: Standard Life Investment Ltd.
Pensioners: 18,529

85. GKN Plc
1.92bn
Scheme name: GKN Group Pension Scheme
Address: Po Box 55, Ipsley House, Ipsley Church
Lane, Redditch, Worcs. B98 0TL
Email address: mark.phillips@gkn.com
Phone: 01527533385
Fax: 01527533487
NAPF
Pension fund secretary: Pension Scheme Secretary:
Mark A Phillips
the % involved?: Blackstone Alternative Asset
Management, Cardano, Putnam Investments
Rogge Global Partners, Hgcapital, Legal & General
Investment Management Ltd., Prudential M&G,
Standard Life Investment Ltd., Western Asset
Management Co.Ltd.
Watson,Cardano
Jardine Lloyd Thompson Beneft Solutions
Which legal advisers do you use?: Pinsent Masons
Solutions (MAS)
AVC provider: Blackrock
2 to 5
Pensioners: 29,000

86. EDF Energy
1.90bn
Scheme name: EDF Energy Group Of The Electricity
Supply Pension Scheme
Address: 40 Grosvenor Place, Victoria, London
SW1X 7EN
Email address: malcolm.revell@edfenergy.com
Phone: 02077522318
Fax: 02077522125
Total assets
DB: 1908700000
NAPF
Pension fund manager: Head of Pensions: Ian
Baines,
Pension scheme administrator: Head of Pensions
Administration Services: Colin Macnaughton (Email:
Colin.Mcnaughton@edfenergy.com)
Pension Implementation Manager: Paul Burchell
(Email: Paul.Burchell@edfenergy.com)
Pension fund secretary: Pension Manager And
Secretary to The Trustees: Beth Hurt (Email: Beth.
Hurt@edfenergy.com)
Fund Secretary : Bob Richardson (Email: Bob.
Richardson@edfenergy.com), Pensions Accountant
Julie Clare Fennessy (Julie-Clare.Fennessey@
edfenergy.com)
Chairman of trustees: Tim Boylin
Trustee Company: Edf Energy Group Trustee Ltd.
the % involved?: Lc, Legal & General Investment
Management Ltd., Standard Life Investment
Ltd., Western Asset Management Co.Ltd.,
Axa Framlington, Axa Rosenberg Investment
Management Ltd., Mfs Investment Management,
Alliancebernstein Institutional Investments,
Nomura Asset Management, Cbre , Aviva, Cqs,
Prudential M-G, Winton, Blackrock, Rlam,
Bidwells
International Llp
Asset Servicing
Solutions (Mas),
AVC provider:
Norwich Union Plc, Prudential, The Equitable Life
Assurance Society
Pension related software: Northgate HR
11 to 20
Pensioners: 12,197
Corporate bonds: 43.5% Split Between Corporate
Bonds, Index Gilts And Cash
Hedge funds: 5%
Other: 5% Property, 5% Convertible Bonds, 5% Global
UK Company
Index linked gilts: 27.5% is split between this and
cash

87. Cable & Wireless Plc
1.90bn
Scheme name: Cable & Wireless Superannuation
Fund
Address: Buckingham Road, Bletchley, Milton
Keynes MK3 5JL
Email address: peter.hampton@cw.com
Phone: 01908833743
Type of scheme:, Defned Beneft & Defned
Contribution
Total assets
DB: 1.9bn
DC: 150m
What year was this scheme established?: Db=1957
Dc=1997
NAPF
Pension fund manager: Mr Peter Hampton
Trustee Company: Cable And Wireless Pension
Trustee Ltd
Watson
Which auditor(s) do you use: Grant Thornton
Trust Company
Performance measurement: The Northern Trust
Company
Pension related software: Pensions Offce
11 to 20
Pensioners: 5,500
Cash and deposits: Cash=5%
Private equity: 7%
Overseas index linked gilts: 0%
your scheme?: Other 4 to 5%
nominated?: 4
nominated?: 8
INDEPENDENT?: 0
No

88. Philips Electronics UK Ltd.
1.90bn
Scheme name: Philips Pension Fund
Address: Cross Oak Lane, Redhill RH1 5HA
Email address: alan.lakin@philips.com
Phone: 07717430102
Mobile: 01293773128
Fax: 01293815758
Type of scheme: Defned Contribution, Hybrid DC
Total assets
DC: 10m
What year was this scheme established?: April 2008
NAPF
Pension fund manager: Group Pensions Manager:
Adrian Holmes
Financial Controller: Valerie Benton (Email: Val.
Benton@Philips.Com)
Pension fund secretary: Secretary: M.R.Armstrong
Chairman of trustees: Mr D H Jordan
Trustee: PhilipS Pension Trustee Ltd
Trustee Company: Philips Pension Trustees Ltd.
the % involved?: Barclays Global Investors Ltd.,
Blackrock Investment Management (UK) Ltd.,
Henderson Global Investors, Nationwide Building
Society, Philips Electronics UK Ltd. (Property),
Phoenix, Record Currency Management Ltd., State
Street Global Advisors United Kingdom Ltd.
Redington, Towers Watson
Which pension fund administrator do you use?: AON
Consulting, Blackrock Investment Management
Which legal advisers do you use?: Wragge & Co,
Worldwide Securites Services, HSBC Securities
Services
Performance measurement: JPMorgan Asset
Management
AVC provider: BlackRock, Resolution Life
Pension related software: Sage
More Than 100
Employee members:
Pensioners: 19,954
Hedge funds: 11%
Cash and deposits: 20% Cash
Other: 1%
nominated?: 11 directors, 5 are member nominated.
nominated?: 6
INDEPENDENT?: 0
Yes

89. Norfolk County Council
1.90bn
Scheme name: Norfolk Pension Fund
Address: 4th Floor, Lawrence House, 5 St Andrews
Hill, Norwich, Norfolk NR2 1AD
Email address: pensions@norfolk.gov.uk
Phone: 01603 495923
Website: www.norfolkpensionfund.org
Type of scheme: Defned Benefts
Total assets
DB: 1,900,000,000
NAPF, PRAG, LIPFF
Pension fund manager: Mark Alexander
Pension scheme administrator: Paul Brittain
Chairman of trustees: Daniel Cox
the % involved?: Fidelity, Capital, Baillie Gifford,
Alliance Bernstein, Goldman Sachs, ,
Hymans Robertson
Trust Company
Performance measurement: WM
Property advisers: Aviva
AVC provider: Clerical Medical, Prudential, Equitable
Life (legacy)
Pension related software: AXISe (Heywoods)
21-50
nominated?: 1-25%
nominated?: 76-99%
INDEPENDENT?: 0%
No

90. Lafarge UK
1.88bn
Scheme name: Lafarge UK Pension Plan
Address: Regent House, Station Approach, Dorking,
Surrey, RH4 1TH
Email address: 01306 872142
Type of scheme: Hybrid
based?: Trust based
Total assets
DB: 1,885bn
DC: 7m
NAPF, PRAG
Pension fund manager: John Lovell
Pension scheme administrator: Lafarge UK Services
Pension fund secretary: John Lovell
Contact: John Lovell
Chairman of trustees: Norman Braithwaite
Trustee Company: Lafarge UK Pension Plan Trustees
Ltd
Watson
Which legal advisers do you use?: Sacker &
Partners,
Asset Servicing
Performance measurement: The WM Company
Property advisers: BNP Paribas
AVC provider: Zurich Assurance and Legal and
General
Pension related software: AXISe
11-20
Pensioners: 21,371
% or :
Hedge funds: 0
Avcs: 1979000
Other: 7719000
Venture capital: 0
pension scheme sponsor company?: 10.2m
SURPLUS
your scheme?: 16-20%
your scheme?: 6-10%
Employer contribution: Stayed the same
Member contribution: Increased
nominated?: 1-25%
nominated?: 1-25%
INDEPENDENT?: 0%
No
91. Norfolk Pension Fund
1.85bn
Scheme name: Norfolk Pension Fund
Address: Lawrence House 4th Floor, St. Andrews
Hill, Norwich, Norfolk NR2 1AD
Email address: alexander.younger@norfolk.gov.uk
Phone: 01603222842
Total assets
DB: 1.85bn
NAPF
Pension fund manager: Head Of Pension Fund:
Nicola Mark (Email: Nicola.Mark@norfolk.gov.uk)
Pension scheme administrator: Head Of Finance:
Paul Brittain
Contact: Alex Younger, 0160 3222 842
Chairman of trustees: Daniel Cox
Trustee: Adrian Gunson, Cllr. Alan Waters, Peter
Baker, Derek Murphy, Jon Herbert, Graham Jones,
Simon Woodbridge.
Trustee Company: Administering Authority: Norfolk
County Council
detail the % involved?: Goldman Sachs Asset
Management, Alliancebernstein Institutional
Investments (Uk Equities 13.4%), Baillie Gifford &
Co. (Uk Equities 13.4%) , M&G, Capital International
Ltd. (Overseas Equities 19.4%), Fidelity International
(Overseas Equities 20.8%), Harbourvest Partners
(Uk) Ltd. (Private Equity), Henderson Global Investors
(Fixed Interest 9%), Aviva Investors Ltd. (Property
15%), Standard Life Investment Ltd. (Private Equity)
Trust Company
Ltd., Prudential, The Equitable Life Assurance
Society
21 to 50
Pensioners: 15,442
% or :
Hedge funds: 0
Unit trusts: 0
Avcs: 0
Other: 3%
Private equity: 7%
Index linked gilts: 2%
Venture capital: 0
nominated?: 1
nominated?: 7
INDEPENDENT?: 0
Yes
If yes, where have these changes occurred?: Moved
a proportion of fxed interest investments to absolute
return benchmarks.

92. Total UK
1.85bn
Scheme name: Total UK Pension Plan
Address: 33 Cavendish Square, London W1G 0PW
Email address: lester.farrant@total.com
Phone: 02074918250
Fax: 02074918266
Purchase) - Open to New Members
Total assets
DB: 1.85bn
DC: 20m
NAPF
Pension fund manager: Lester Farrant UK Group
Pensions Manager
Pension scheme administrator: Excellerate Hro
Pension fund secretary: UK Group Pensions
Manager & Secretary to The Trustees: Lester Farrant
(Email: Lester.Farrant@total.com)
Contact: Liz Sumner 02074918265
Chairman of trustees: Iain Mccombie
Trustee: Total Pension UK Ltd
Trustee Company: Total Pension Trustee UK Ltd.
Trustee training provider: Hewitt Associates / Mayer
Brown / Pensions Management Institute
the % involved?: Lasalle Investment Management,
Legal & General Investment Management Ltd,
Artemis Fund Managers Limited, Blackrock
Investment Management (UK) Limited, Newton
Investment Management Limited, Schroder Pension
Management Limited
Associates
Excelleratehro
Which legal advisers do you use?: Mayor Brown
International,
Trust Company
Performance measurement: Northern Trust / Hewitt
Associates
AVC provider: Legal & General
How many total pension employees do you have?: 2 to 5
Pensioners: 7,036
Domestic equities: 171m UK Equity
Corporate bonds: 180m
Hedge funds: 0
Unit trusts: (Bonds And Equities above are held in
Unit Trusts)
Avcs: 13500000
Cash and deposits: 40m
Overseas equities: 400m Overseas Equities
Domestic fxed interest: 171m UK Equity
Domestic real estate: 171m UK Equity
Private equity: 0
Venture capital: 0
pension scheme sponsor company?: 179m Surplus
as at 31 December 2007.
your scheme?: Range From 17.6% to 41.5% (DB), 6%
to 30% (DC)Range From 5% to 8% (DB), 2% to 8% (DC)
your scheme?: Range From 5% to 8% (DB), 2% to
8% (DC)
nominated?: 3
nominated?: 3
INDEPENDENT?: 0

93. Jaguar Landrover
1.84bn
Scheme name: Jaguar Landrover Jaguar Pension Plan
94. Royal & Sun Alliance
1.80bn
Scheme name: Royal & Sun Alliance Group Pension
Scheme

95. Associated British Foods
1.80bn
Scheme name: Associated British Foods DB
Sections
Address: 50-51 Russell Square, London WC1B 4JU
Email address: kiran.lamb@abfoods.com
Phone: 02072993620
NAPF
Pension fund manager: Pensions Manager: Karen
J.Bennett, Karen.Bennett@abfoods.com
Pension fund secretary: Group Pensions Director
& Secretary: Colin Hately (Email: Colin.Hately@
abfoods.com)
Finance Manager: Charles Mills (Email: Charles.
Mills@abfoods.com)
Chairman of trustees: James.G.West
Trustee: Trustee Director: John G.Bason, Paul Liste,
Paul Longley, Karl Cart, Trevor Kg, Shahzad Saraf,
Trustee Company: Associated British Foods Pension
Trustees Ltd.
(Bonds 7.3%), Bank Of Ireland Asset Management
(UK) Ltd. (Overseas Equities 9.1%), Blackrock
Investment Management (UK) Ltd. (Active Bonds
24%, Passive Bonds 17.1%), Capital International Ltd.
(Overseas Equities 5.5%), Cb Richard Ellis Investors
(Property 2.3%), European Credit Management Ltd.
(Bonds 7.2%), Gmo Uk Limited (UK Equities 4.4%),
Liontrust Asset Management Plc (UK Equities 8.8%),
Threadneedle Asset Management Ltd. (UK Equities
10.4%), Wilky Fund Management Ltd. (Property 2%),
Which legal advisers do you use?: Travers Smith,
Asset Servicing
Ltd.
Legal & General Assurance Society Ltd.
11 to 20
Pensioners: 16,320

96. Devon County Council
1.78bn
Scheme name: Devon County Council Pension Fund
Address: County Hall, Topsham Road, Exeter EX2 4QJ
Email address: barry.white@devon.gov.uk
Phone: 01392688210
Mobile: 01392383621
Fax: 01392383623
(Final Salary)
NAPF
Pension fund manager: Charlotte Thompson APMI,
Investment Manager: Barry White MAAT, Deputy
Investment Manager Ray Burrough
Pension scheme administrator: Mary Davis
Contact: 01392 382520
Chairman of trustees: Cllr Randall Johnson
the % involved?: Aberdeen Asset Manager, Devon
County Council Investment Team, Lazard Asset
Manager, Sarasin 7 Partners, State Street Global
Advisors, UBS Global Asset Management Team,
Wellington Management International
Norman Ferguson
Which legal advisers do you use?: County Solicitor,
R.Gash County Solicitor
Pensioners: 22,171
Unit trusts: 84,047,000
Other: 73,345,000
Overseas equities: 397,452,000
Overseas fxed interest: 128,978,000
Overseas index linked gilts: 453,000

97. Derbyshire County Council
1.76bn
Scheme name: Derbyshire County Council Pension
Scheme
Address: County Hall, Matlock, Derbyshire
DE4 3AH
Email address: ian.howe@derbyshire.gov.uk
Phone: 01629538827
NAPF, LAPFF
Pension fund manager: Pension Fund Manager/
Director Of Finance: Graham Hunt
Pension fund secretary: County Secretary
Contact: Investment Information/Investment Offcer:
John Waterfall
Chairman of trustees: Chairman Of Pensions
Committee:Cllr Peter Makin. Chairman Of Investment
Committee: Cllr Stuart Ellis
Trustee: S Ellis, P Makin, M Lacey, G Macdonald,
A Charles, A Western, B Taylor, J Williams, W
Burrows, M Higginbottom, M Carr, D Roberts.
the % involved?: UBS Global Asset Management,
Wellington Management International, Ltd.
Allenbridgeepic Investment Advisers, Morley Fund
Management Ltd
Global Securities Services
Ltd., Prudential, The Standard Life Assurance Co.
Pensioners: 19,957
Other: Capital Value In Total: 1758789000

98. Reed Elsevier (UK) Limited
1.74bn
Scheme name: Reed Elsevier pension Scheme
Address: 1-3 Strand, London WC2N 5JR
Total assets
DB: 1,740,500,000
NAPF, IMA, PRAG
Pension fund manager: Mark Roberts APMI
Pension scheme administrator: Reed Elsevier
Pensions Offce
Chairman of trustees: C D Thomas
Trustee Company: Reed Elsevier Pensions Trustee
Limited
the % involved?: Reed Elsevier Pension Investment
Management Limited (100%)
International
Pensioners: 16,169
Avcs: 11600000.00
Other: 10800000.00
Overseas index linked gilts: 110900000.00
your scheme?: 6-10%
your scheme?: 6-10%
Employer contribution: Stayed the same
Member contribution: Stayed the same
nominated?: 26-50%
nominated?: 26-50%
INDEPENDENT?: 0%

99. VT Nuclear Services Ltd.
1.70bn
Scheme name: ESPSPension Scheme
Address: Oldbury Power Station, Oldbury Naite,
Bristol BS35 1RQ
Email address: yvonne.mccarthy@ukaea.co.uk
Phone: 01847804401
Fax: 01454422230
(Final Salary)-Open to New Members
NAPF
Pension fund manager: Fergus Hall
Pension scheme administrator: Fergus Hall
Pension fund secretary: Fergus Hall
Contact: Fergus Hall 01453 813 133
Chairman of trustees: Tony Cooper
Trustee Company: The Magnox Electric Group
Pension Trustee Ltd
Please name all of your investment advisers: Aon
Consulting
Which pension fund administrator do you use?: Epal
Asset Servicing
Pensioners: 6,500
your scheme?: 21%6 to 10%
nominated?: 6
nominated?: 4
INDEPENDENT?: 0
100. Staffordshire County
Council
1.68bn
Scheme name: Staffordshire Pension Fund (Lgps)
Address: Resources Directorate, 17 Eastgate Street,
Stafford ST16 2NF
Email address: john.wiggins@staffordshire.gov.uk
Phone: 01785276482
Fax: 01785276334
Type of scheme: Other, LGPS
Total assets
DB: 1688367000
NAPF
Pension fund manager: Assistant Director (Technical
& Pensions): John Wood (Email: John.Wood@
staffordshire.gov.uk)
Pension scheme administrator:
Pensions Manager: Janet Caiazzo (Email: Janet.
Caiazzo@staffordshire.gov.uk)
Chairman of trustees: Pensions Committee Council
Chairman: Patrick Corfeld
Trustee: Pensions Committee vice -chairman: Ray
Barron
Pensions Committee Council Member: Mr Geoff
Locke, Mr Brian Beale, Mr Michael Lawrence,
Sr Stephen Sweeney, Mr Philip Atkins, Mr Mike
Maryon, Ms Christina Jebb
Investments (Global Equities 10%), Axa Rosenberg
Investment Management Ltd. (European Equities
5%), Colliers Capital Uk Ltd. (Property 8%), Goldman
Sachs Asset Management International (Tactical
Asset Allocation 4%), Insight Investment (Global
Fixed Income 12%), Russell Investment Group (Asia
Pacifc Inc Japan 8%), Standard Life Investment
Ltd. (Uk Equities 13%), State Street Global Advisors
United Kingdom Ltd. (Global Index Tracking 20%)
Llp
Which legal advisers do you use?: Eversheds, In
House
Trust Company
AVC provider: Standard Life And Clerical Medical
Pension related software: Axise, Heywood
More Than 100
Pensioners: 18,284
your scheme?: 10-25%
your scheme?: 5.5-7.5%
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Untitled-1 1 11/2/10 18:03:56
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