1 July 2026
The money in the Scheme is invested in a range of assets. This helps the Scheme grow and stay in good financial health for the long term. Your pension is protected by the Government Guarantee, but strong investment arrangements support the Scheme’s ongoing success.
As part of their responsibility to members, the Trustees periodically review whether the Scheme has the right investment manager and adviser in place.
What’s changing
The Trustees have carried out a detailed review of the Scheme’s investment arrangements. They looked at what is available across the pensions and investment industry. They considered how best to meet the Scheme’s needs now and in the future.
Following this review, the Trustees have appointed BlackRock to manage the Scheme’s investments and advise on investment strategy.
BlackRock is one of the world’s largest investment firms. It has significant experience working with UK pension schemes. The Trustees chose it for its expertise, resources and ability to support the Scheme as it continues to develop.
Why this change is happening now
The Scheme has been maturing over many years, with a growing proportion of members now retired and drawing their pensions. That means the Scheme needs to balance several things at once: paying pensions from investment income, keeping funding stable, and making sure assets continue to grow over the long term.
The Trustees have decided that BlackRock is well placed to help manage all of these priorities together, in a joined up way.
Who is in charge of the Scheme’s investments
The Trustees remain fully responsible for the Scheme and they continue to set the investment strategy.
BlackRock will advise the Trustees on investment strategy and manage the Scheme’s investments day to day. It will work within clear boundaries set by the Trustees.
The Trustees will oversee BlackRock’s work on an ongoing basis.
You do not need to take any action
Your pension is not changing. It will continue to be paid exactly as it is today. The Government Guarantee remains in place and is not affected.
You’ll continue to receive information from the Scheme in the same way as before.
If you have any questions about your pension or the Scheme, please contact us.