Key Takeaways
- • The British Coal Staff Superannuation Scheme (BCSSS) appointed BlackRock as an outsourced chief investment officer (OCIO) for approximately £8 billion ($10.6 billion) in assets, covering about 39,000 members.
- • BlackRock will manage investments within parameters set and overseen by the scheme's trustees, who retain control of investment strategy and risk, according to a BlackRock statement.
- • The scheme has been closed to new members since 1994, following the privatization of the coal industry, and provides retirement benefits for administrative and technical coal industry staff.
- • BlackRock states it manages more than $400 billion in OCIO assets, including recent mandates such as $30.5 billion from British Airways and $30 billion from Shell's Dutch pension plans.
Summary
The British Coal Staff Superannuation Scheme has appointed BlackRock as its outsourced chief investment officer, placing the scheme's investment management with the asset manager. The scheme oversees roughly £8 billion ($10.6 billion) in assets and covers approximately 39,000 members. It was closed to new members in 1994 following the privatization of the coal industry and provides retirement benefits for administrative and technical staff of the sector.
According to a statement from BlackRock, the asset manager will manage the plan's investments within parameters set and overseen by the pension trustees. The trustees will retain control of the scheme's investment strategy and risk. Cheryl Agius, chair of the BCSSS trustee board, said the trustees had reviewed the scheme's investment needs as it continues to mature, to ensure it remains well positioned to meet its long-term objectives. She cited BlackRock's global investment expertise, scale, and experience working with some of the UK's largest pension schemes.
BlackRock manages more than $400 billion in OCIO assets, according to the firm, and has won several large outsourcing mandates in recent years, including $30.5 billion from British Airways and $30 billion from Shell's Dutch pension plans. Sarah Melvin, head of BlackRock's U.K. and Europe client business, said the firm was proud to be appointed and that its focus would be on supporting the long-term security, stability, and reliability of members' retirement income.
According to a statement from BlackRock, the asset manager will manage the plan's investments within parameters set and overseen by the pension trustees. The trustees will retain control of the scheme's investment strategy and risk. Cheryl Agius, chair of the BCSSS trustee board, said the trustees had reviewed the scheme's investment needs as it continues to mature, to ensure it remains well positioned to meet its long-term objectives. She cited BlackRock's global investment expertise, scale, and experience working with some of the UK's largest pension schemes.
BlackRock manages more than $400 billion in OCIO assets, according to the firm, and has won several large outsourcing mandates in recent years, including $30.5 billion from British Airways and $30 billion from Shell's Dutch pension plans. Sarah Melvin, head of BlackRock's U.K. and Europe client business, said the firm was proud to be appointed and that its focus would be on supporting the long-term security, stability, and reliability of members' retirement income.
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