BDO LLP BDO Pension Scheme

BDO LLP BDO Pension Scheme

The BDO LLP Pension Scheme is the legacy defined-benefit plan for the UK arm of BDO, the global accounting and advisory network. The scheme was closed to future accrual and has been managed for years toward a long-term de-risking target. Its trustee board, chaired by Richard Faulkner, operates under UK pension law with fiduciary independence from the sponsoring employer, BDO LLP, and works alongside the sister BDO ES Pension Scheme on coordinated liability management. Investment strategy reflects a mature, post-accrual posture. The portfolio is anchored by a Just Group bulk annuity buy-in policy that covers a significant tranche of its liabilities, removing longevity and investment risk for that portion. Alongside the insured block, the plan holds actively managed exposure to commercial and mixed-use real assets through pooled funds, including the Threadneedle Pension Property Fund for UK commercial property and the Cohen & Steers Diversified Real Assets Fund for global real estate and commodity-linked exposure. The geographic footprint spans the United Kingdom and global markets via the Cohen & Steers vehicle. The plan does not run an in-house direct origination program; implementation relies on institutional fund structures. Estimated total assets are approximately $51 million, placing the scheme among the smaller UK corporate plans. The plan's principal activity in recent years has been completing derisking milestones, most notably executing the bulk annuity arrangement with Just Group. The coordinating framework with the BDO ES Pension Scheme suggests a shared view on liability-driven investing and a possible path toward full buyout of both entities when financial conditions permit. The trustee board maintains a lean operating model with no dedicated internal investment staff listed publicly. This scheme's structural difference lies in its near-complete separation from active employer covenant support. With a bulk annuity covering a material liability block and no new benefit accruals, the plan operates as a closed financial entity rather than a going-concern corporate finance unit. The trustee board's job is to shepherd remaining assets toward a terminal buyout, a posture that distinguishes it from pension schemes still open to new members or significant sponsor contribution negotiations.