Diageo Pension Scheme

The scheme is governed by an independent trustee board chaired by Peter Goshawk. Investment strategy is set at the trustee level, with day-to-day management carried out by the scheme's investment team and external managers. The trustees participate in the Occupational Pensions Stewardship Council and the A4S Asset Owners Network for governance and sustainable-finance guidance.

The scheme does both. Directly held UK commercial property forms a core allocation, with buildings including Reading Bridge House and Chineham Court owned outright. Private senior secured property loans and venture capital commitments are likely executed through external managers and fund structures. The maturing whisky inventory is held directly, tied to the sponsor's production operations.

Maturing whisky represents a tangible, uncorrelated asset held on the scheme's books. As Scotch whisky ages, its value typically appreciates — offering a natural hedge against inflation. It also links the pension fund's asset base directly to Diageo PLC's core industrial operations, a structural feature almost unique among UK corporate defined-benefit schemes.

Diageo PLC has moved toward defined-contribution arrangements for new employees in line with broader UK corporate trends, but the defined-benefit scheme remains active for legacy members. The exact closure status should be confirmed with the scheme's most recent annual report or statement of investment principles.

No explicit exclusions are publicly documented, but the scheme's A4S Asset Owners Network membership suggests integration of ESG and climate considerations into portfolio construction. The concentrated real-asset and private-credit focus implies limited exposure to public equities or sovereign debt relative to peer UK corporate schemes.

Both are occupational pension schemes sponsored by Diageo PLC. The UK scheme covers employees in Great Britain, while the Guinness Ireland Group Pension Scheme serves the company's Irish workforce. They operate as separate legal entities with distinct trustee boards but share the same corporate sponsor and are likely coordinated at the group treasury level.