GlaxoSmithKline Cash Balance Pension Plan

GlaxoSmithKline Cash Balance Pension Plan

The GlaxoSmithKline Cash Balance Pension Plan is a defined benefit plan sponsored by GlaxoSmithKline LLC. GSK plc serves as the ultimate parent and guarantor. The plan was amended in 2021 to end future benefit accruals for most participants. Assets are held in the GSK Common Investment Trust, which contains equities, fixed income, and alternatives. The plan maintains a commitment to the Invesco Real Estate Fund. External managers include Legal & General Investment Management for equity index and inflation-linked funds, abrdn for diversified growth components, and Nordea Investment Management for additional growth strategies. The geographic focus centers on the United States with some international exposure through the managers. The plan reported $2.768 billion in assets. It maintains relationships with service providers including Deloitte & Touche as auditor, Willis Towers Watson as actuary, Mercer as investment consultant, and BNY Mellon as custodian. In May 2024 the plan sponsor attended the GSK Annual General Meeting in London. The plan functions as a closed defined benefit vehicle with no new entrants after the 2021 freeze. Governance remains tied directly to the corporate sponsor rather than an independent board structure.