BAA Pension Scheme

BAA Pension Scheme

The BAA Pension Scheme was established in 1966 to provide retirement benefits tied to the commercial activities of BAA, the entity that developed and operated major UK airports. Phil Wilbraham serves as chairman of the trustee board, which includes independent oversight from Law Debenture (BAA) Pension Trust Corporation. The primary employer remains LHR Airports Limited. Investment implementation relies on external managers across multiple asset classes. Confirmed holdings include the BlackRock Global Renewable Power Infrastructure Fund III, KKR Private Credit Opportunities Fund Partners II, and several hedge fund vehicles such as Systematica Alternative Risk Premia and Bridgewater Optimal Portfolio Fund II. Geographic exposure centers on the United Kingdom for real estate and extends globally through infrastructure and credit funds. The scheme also maintains a segregated LDI portfolio with LGIM and has held positions in equity funds including GQG Partners Emerging Market Equity. Service providers include Redington and Gallagher as investment advisors, Mercer as scheme actuary, and XPS Administration for day-to-day operations. In August 2024 the scheme appointed Lombard Odier Sustainable Private Credit Fund. Additional relationships cover JP Morgan Chase as global custodian and CMS Cameron McKenna Nabarro Olswang as legal adviser. The scheme belongs to the IIGCC and PRI. Governance separates the trustee board from the corporate sponsor while retaining reserve powers with the independent trustee. This structure allows the scheme to execute de-risking transactions and manager changes without direct corporate interference, a posture reinforced by formal TCFD reporting and delegation of ESG implementation to appointed managers.