# BDO LLP BDO Pension Scheme

BDO LLP BDO Pension Scheme is a Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Assets under management:** $51M (Altss estimate)

## Regulatory record

- **Reports private funds:** No

## About

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 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.

## Sectors

- Real Estate
- Infrastructure
- Diversified

## People

- Richard Faulkner — Chair of the Trustee Board

## Questions

### What is the current funding posture of the BDO LLP Pension Scheme?

The scheme is closed to future accrual and has been actively de-risked. A bulk annuity buy-in with Just Group covers a significant portion of its liabilities, locking in cashflows for that block. The remainder is held in diversified real asset and commodity-linked funds, managed with a terminal buyout objective in view.

### How is the scheme related to the BDO ES Pension Scheme?

Both are UK defined-benefit plans sponsored by BDO entities. They are managed by separate trustee boards but have been de-risked in a coordinated fashion, sharing a similar approach to bulk annuities and pooled fund structures. They are distinct legal trusts under UK pension legislation.

## Related profiles

- [Silent Partner Grants](https://altss.com/profile/silent-partner-grants)
- [Beazley Foundation](https://altss.com/profile/beazley-foundation)

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Last updated: 2026-08-11T02:43:31.692Z

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