The British Coal Staff Superannuation Scheme announced the appointment of BlackRock as an outsourced CIO for £8 billion ($10.6 billion) in assets, covering approximately 39,000 members.
The plan, which has been closed to new members since 1994 following the industry’s privatization, provides retirement benefits for administrative and technical staff of the coal industry.
BlackRock will manage the plan’s investments within parameters set and overseen by the pension trustees, who will retain control of its investment strategy and risk, according to a statement from BlackRock.
“As the Scheme continues to mature, the Trustees have reviewed its investment needs to ensure it remains well positioned to deliver [its] long-term objectives,” Cheryl Agius, chair of BCSSS’s trustee board, said in a statement. “BlackRock’s global investment expertise, scale and experience working with some of the UK’s largest pension schemes make it well placed to support the Scheme now and in the future.”
BlackRock manages more than $400 billion in OCIO assets and has won large outsourcing mandates in recent years including $30.5 billion from British Airways, and $30 billion from Shell’s Dutch pension plans.
“We are extremely proud to be appointed by the Trustees of the British Coal Staff Superannuation Scheme to manage the Scheme’s investments,” said Sarah Melvin, head of BlackRock’s U.K. and Europe client business, in a statement. “Working closely with the Trustees, our focus will be on supporting the long-term security, stability and reliability of members’ retirement income over the years ahead. We are honored and excited to bring our investment and retirement expertise to support the Scheme and its many thousands of individual pensioners across the U.K.”
Tags:
 |
British Airways Pensions Transfers $30 Billion in Assets to BlackRock |
 |
Shell to Outsource $30B Pension to BlackRock |
 |
Eli Lilly and Co. Selects Goldman Sachs for $25B OCIO Mandate |