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Bank of England Pension Fund
The Bank of England Pension Fund is a defined benefit occupational pension scheme for employees of the UK’s central bank, established under a trust deed and...
Bank of England Pension Fund
The Bank of England Pension Fund is a defined benefit occupational pension scheme for employees of the UK’s central bank, established under a trust deed and first codified alongside the bank's 1694 founding. The sponsoring employer remains the Bank of England itself, and the fund is governed by a corporate trustee, BE Pension Fund Trustees Limited. Anne Glover, co-founder of venture firm Amadeus Capital Partners and a member of the Bank’s Court, chairs the trustee board. The fund deploys capital across a mix of liability-driven investments, liquid credit, and long-duration real assets. Confirmed mandates include a UK and global secure income portfolio managed by Aviva Investors, an LDI portfolio with Legal & General, and liquid investment-grade credit sleeves managed by Insight Investment and J.P. Morgan. These mandates span UK, European, and global markets. While the fund does not publicly break out its full strategic asset allocation, the visible appointments suggest a heavy emphasis on investment-grade fixed income, real estate, and infrastructure, with external managers executing the majority of sub-portfolios rather than a direct-investment model. Institutional partnerships form the operational backbone. The Legal & General and Insight mandates anchor the liability-hedging and sterling credit exposures, while the Aviva Global Secure Income mandate adds a cross-border real-asset dimension. On governance, the fund expects its investment managers to adhere to the UK Stewardship Code and is a member of the Institutional Investors Group on Climate Change (IIGCC), having committed to the Net Zero Investment Framework. Philanthropic activity runs separately through Bank of England Charity Partnerships, keeping charitable engagement distinct from fiduciary pension operations. Unlike pooled local government schemes, this fund is a single-employer trust with a narrow beneficiary base and a concentrated governance structure. That architecture allows the trustee board—led by a venture capital veteran—to benchmark, hire, and fire external managers with less political friction than many public funds, while still operating within the statutory constraints of a UK defined benefit scheme.
General information
Firm type
Pension Fund
Year founded
1694
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
Threadneedle St, London, EC2R 8AH, United Kingdom
Principals
Anne Glover
Chair of the Trustee Board
Sector focus
Frequently asked questions
Who runs investment decisions at the Bank of England Pension Fund?
The fund is governed by a corporate trustee, BE Pension Fund Trustees Limited. The Chair of the Trustee Board is Anne Glover, who is also a co-founder of Amadeus Capital Partners and a member of the Court of the Bank of England. Day-to-day investment management is outsourced to external managers such as Aviva Investors, Legal & General, Insight Investment, and J.P. Morgan.
How does the fund source its external investment managers?
The pension fund appoints external managers through a formal procurement and due-diligence process overseen by the trustee board. The fund’s known mandates suggest a preference for large institutional asset managers with strong UK and global credit capabilities, though it does not publicly disclose its full manager selection criteria or RFP timeline.
Is the Bank of England Pension Fund a direct investor or does it rely solely on fund commitments?
The fund primarily relies on segregated mandates and external manager relationships rather than a direct investment model. Known mandates span liability-driven investing with Legal & General, global secure income with Aviva, and liquid investment-grade credit with Insight and J.P. Morgan. Direct deal-level investing is not a disclosed feature of the strategy.
What is the relationship between the pension fund and the Bank of England?
The Bank of England is the sponsoring employer of the pension scheme and the fund is established under a trust deed and rules separate from the Bank itself. BE Pension Fund Trustees Limited, the corporate trustee, is responsible for governance. This separation ensures fiduciary duties to members are met independently of the Bank’s central bank operations (per Altss research).
How does the fund incorporate climate and stewardship principles?
The Bank of England Pension Fund is a member of the Institutional Investors Group on Climate Change (IIGCC) and has committed to the Net Zero Investment Framework. It also expects its investment managers to adhere to the principles of the UK Stewardship Code. Specific interim decarbonisation targets are not publicly disclosed.
Does the Bank of England Pension Fund have a philanthropic arm?
Charitable activity is conducted through Bank of England Charity Partnerships, a separate entity that runs independently of the pension fund’s fiduciary obligations. The pension fund’s assets are ring-fenced for the payment of member benefits and are not used to fund philanthropic initiatives (per Altss research).
What is the fund’s posture on co-investments alongside external GPs?
The fund does not appear to pursue a co-investment or direct club-deal strategy. Known allocations are executed via segregated mandates and pooled fund structures managed by institutional asset managers, rather than through direct equity co-investments alongside general partners.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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