# Fuller, Smith & Turner Pension Scheme

Fuller, Smith & Turner 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
- **Founded:** 1845
- **Assets under management:** 143 (Altss estimate)
- **Website:** www.fullers.co.uk
- **LinkedIn:** linkedin.com/company/fuller-smith-&-turner

## Regulatory record

- **Reports private funds:** No

## About

The Fuller, Smith & Turner Pension Scheme is the legacy defined-benefit vehicle for the London-based pub and hotel operator behind iconic brands like The George Inn and The Flask. The plan covers former and retired employees of a company that traces its brewing roots to 1845, with the Turner family retaining board leadership through Executive Chairman Michael Turner and CEO Simon Emeny. The scheme is closed to future accrual, a common posture among mature UK DB plans managing runoff liabilities. The scheme's investment strategy reflects a classic UK DB endgame playbook. Historically, assets were allocated conservatively — pooled cash and unleveraged gilt funds formed the core, minimizing volatility ahead of an anticipated risk transfer. The portfolio did not pursue venture capital, private equity, or direct real estate. Instead, the trustee board prioritized liability-matching and funding-level stability, avoiding illiquid or growth-oriented asset classes entirely. The sole reported external co-investor relationship was with Legal & General, the UK's largest bulk annuity provider. In April 2025, the scheme executed a £112.3 million full buy-in with Legal & General, insuring the benefits of all remaining members (per Legal & General, April 2025). The transaction, structured through a bulk purchase annuity policy, transferred aggregate longevity, interest rate, and inflation risk to the insurer. Finance Director Neil Smith and the trustee board oversaw the de-risking process, which concluded with the scheme holding a single insurance policy as its primary asset. The sponsoring employer, Fuller, Smith & Turner PLC, retained no residual pension liability post-buy-in. The scheme additionally maintains a relationship with the Licensed Trade Charity, a separate entity supporting pub sector workers. The scheme's architecture reflects a pure liability-hedging mandate — no general partner relationships, no co-investments, no internal investment team. The April 2025 buy-in effectively converts the fund into a passive insurance wrapper, with Legal & General assuming all benefit payment and risk management responsibilities. This structure mirrors the trajectory of thousands of UK DB schemes progressing through the risk-settlement continuum toward eventual wind-up, with trustee governance focused on insurer selection and covenant assessment rather than portfolio construction.

## Sectors

- Pension Funds

## People

- Simon Emeny — Chief Executive Officer of Fuller, Smith & Turner PLC
- Michael Turner — Executive Chairman of Fuller, Smith & Turner PLC
- Neil Smith — Finance Director of Fuller, Smith & Turner PLC

## Questions

### Who governs the Fuller, Smith & Turner Pension Scheme?

The scheme is overseen by a board of trustees appointed under UK pensions law. The sponsoring employer, Fuller, Smith & Turner PLC, is represented at board level by Michael Turner (Executive Chairman) and Simon Emeny (CEO), with Finance Director Neil Smith involved in strategic financial decisions. Day-to-day administration and actuarial advice are provided by external professional service firms, standard for a plan of this size.

### Is the scheme still open to new members or future accrual?

No. The scheme is closed to future accrual, meaning current employees of Fuller, Smith & Turner PLC do not build additional defined-benefit rights. This is typical of UK private-sector DB plans that have moved active employees into defined-contribution arrangements. The April 2025 buy-in covers all accrued benefits for deferred and pensioner members.

### What is the relationship between the pension scheme and the Licensed Trade Charity?

The Fuller, Smith & Turner Pension Scheme maintains a connection to the Licensed Trade Charity, a separate registered charity that provides financial support, housing, and wellbeing services to pub industry workers and their families. The scheme does not fund the charity, and the two entities are legally distinct. The relationship reflects the sponsoring employer's long-standing involvement in the UK licensed trade sector.

## Related profiles

- [Burelle Participations](https://altss.com/profile/burelle-participations)
- [IINO LINES](https://altss.com/profile/iino-lines)

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Last updated: 2026-07-06T00:33:43.439Z

Canonical page: https://altss.com/profile/fuller-smith-turner-pension-scheme

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