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Co-operative Bank Pace Pension Scheme
The scheme was established in 2006 to serve employees of The Co-operative Bank PLC and The Co-operative Group. The two sections are now legally separated.
Co-operative Bank Pace Pension Scheme
The scheme was established in 2006 to serve employees of The Co-operative Bank PLC and The Co-operative Group. The two sections are now legally separated. Pace Trustees Ltd serves as the managing entity. The defined benefit section holds direct real estate assets including Hub by Premier Inn Shoreditch and Edison Park land in Swindon. It also maintains bulk annuity policies with Aviva and Rothesay. The defined contribution section uses liquid vehicles such as REITs. Geographic exposure centers on the United Kingdom. Total assets stand at $1.6 billion. The scheme maintains a membership in the Pensions and Lifetime Savings Association. November 2023: Entered into a bulk annuity policy with Rothesay covering the vast majority of the Bank Section's liabilities. Service providers include Independent Trustee Services Limited, Deloitte, Aptia, Legal & General, Jones Lang LaSalle, Hogan Lovells and Aon. The scheme operates as a sponsored occupational pension arrangement tied directly to its founding employer. Liability management through bulk annuities forms the primary structural feature separating it from open defined benefit plans.
General information
Firm type
Pension Fund
Year founded
2006
Location
Region
Europe
Country
United Kingdom
City
Peterborough
Corporate office
PO Box 1560, M60 0AG, United Kingdom
Sector focus
Frequently asked questions
Who runs investment decisions at Co-operative Bank Pace Pension Scheme?
Pace Trustees Ltd holds formal responsibility. Independent Trustee Services Limited acts as professional trustee with Chris Martin as primary contact.
How does the scheme manage defined benefit liabilities?
The scheme has purchased bulk annuity policies from Aviva and Rothesay. The Rothesay policy, executed in November 2023, covers the vast majority of remaining Bank Section liabilities.
What real estate assets does the scheme hold?
Confirmed holdings include Hub by Premier Inn Shoreditch, Edison Park land in Swindon, and Park Row parking spaces in Leeds. Novotel London City South was sold in 2017.
Which service providers support the scheme?
Legal & General serves as investment manager and DC provider. Aon acts as investment consultant. Deloitte provides audit services.
What is the scheme's relationship to The Co-operative Bank PLC?
The Co-operative Bank PLC remains the sponsoring employer for the Bank Section. The scheme was originally established to cover both Bank and Group employees before sections were separated.
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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