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Co-operative Pace Pension Scheme
The Co-operative Pace Pension Scheme was established in 2006. It serves current and former employees of the Co-operative Group through separate DB and DC...
Co-operative Pace Pension Scheme
The Co-operative Pace Pension Scheme was established in 2006. It serves current and former employees of the Co-operative Group through separate DB and DC sections. Pace Trustees Limited acts as the sole professional trustee. The scheme maintains a commercial property lease on M&J Seafoods premises in Surrey. Its DC section holds positions in funds managed by Legal & General Investment Management and HSBC Global Asset Management. Geographic exposure centers on the United Kingdom with additional holdings through global equity and bond mandates. The scheme reported attendance at the PLSA Annual Conference in Liverpool in October 2024. It maintains memberships in the Pensions and Lifetime Savings Association and is a signatory to the UK Stewardship Code. Service providers include Deloitte as auditor and A&O Shearman as legal counsel. Pace Trustees Limited is wholly owned through the Co-operative Group structure. The scheme completed a bulk annuity transaction with Rothesay Life in November 2023 covering the majority of remaining DB liabilities.
General information
Firm type
Pension Fund
Year founded
2006
Location
Region
Europe
Country
United Kingdom
City
Manchester
Corporate office
Pensions Department, Department 10406, 1 Angel Square, Manchester M60 0AG, United Kingdom
Principals
Chris Martin
Chair of the Pace Trustee board
Priti Ruparelia
Trustee Director
Sector focus
Frequently asked questions
Who runs investment decisions at Co-operative Pace Pension Scheme?
Pace Trustees Limited serves as sole professional trustee. Chris Martin chairs the board and Priti Ruparelia serves as trustee director for the DC section.
Does Co-operative Pace Pension Scheme participate in fund commitments or only direct deals?
The DC section invests in pooled funds managed by Legal & General and HSBC. The DB section has executed bulk annuity contracts with Rothesay Life, Pension Insurance Corporation and Aviva.
How is Co-operative Pace Pension Scheme related to Co-operative Group?
Co-operative Group is the principal employer and sponsor of the Co-op section. The Bank section was sponsored by The Co-operative Bank until legal separation in 2018.
What recent operational events has Co-operative Pace Pension Scheme completed?
In November 2023 the scheme entered a bulk annuity policy with Rothesay Life covering the majority of remaining DB pensioner and deferred liabilities.
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