Updated:
Honda Pension Fund
The Honda Group (UK) Pension Scheme is a defined-benefit plan serving employees of Honda's UK and European operations, with the sponsoring employer identified...
Honda Pension Fund
The Honda Group (UK) Pension Scheme is a defined-benefit plan serving employees of Honda's UK and European operations, with the sponsoring employer identified as Honda Motor Europe Limited. The trustee board, chaired by Ray Runza, is structured through Honda Group-UK Pension Scheme Trustee Limited. The scheme exists to provide retirement benefits to former workers of Honda's manufacturing presence in the UK. The fund's investment profile underwent a structural shift in 2022 with an £800 million bulk annuity buy-in transaction with Legal & General Assurance Society Limited. The policy insures a significant portion of the scheme's liabilities, transferring longevity, interest rate, and market risk to the insurer. Alongside this insurer-backed position, the fund retains a commercial property exposure through a ground-lease mandate managed by PGIM in the United Kingdom. The scheme also participates in the Pension Insurance Corporation buy-out framework, reflecting a multi-insurer approach to liability management. The scheme reports in line with Task Force on Climate-related Financial Disclosures recommendations, publishing an annual TCFD report that analyzes climate-related risks and opportunities for its remaining investment portfolio. The trustee board, represented by Chair Ray Runza, oversees the governance of the annuity policies, the property mandate, and the scheme's ongoing compliance with UK pensions regulation. The fund does not publicly disclose total assets under management or a full breakdown of its remaining investment holdings beyond the insured positions and the property mandate. The fund's structural differentiator lies in its near-complete derisking achieved since 2022. Most pension funds hold a diversified growth portfolio alongside gradually layered buy-ins. Honda UK's substantial £800 million transaction with Legal & General represents a decisive move to the endgame — a posture where the trustee board functions less as an active allocator and more as a steward of insurer promises and a legacy real-estate portfolio, with climate disclosure serving as the primary ongoing investment governance output.
General information
Firm type
Pension Fund
Year founded
1968
AUM
Undisclosed
Location
Region
Europe
Country
Japan
City
Tokyo
Corporate office
Tokyo, Japan
Principals
Ray Runza
Chair of the Trustee Board, Honda Group (UK) Pension Scheme
Sector focus
Frequently asked questions
Who chairs the Honda Group (UK) Pension Scheme?
Ray Runza serves as Chair of the Trustee Board for Honda Group (UK) Pension Scheme Trustee Limited. The trustee board is the primary governance body overseeing the scheme's obligations to members, the insurer relationships, and the remaining assets.
What was the significance of the Legal & General buy-in for the Honda UK pension fund?
In 2022, the scheme completed an £800 million bulk annuity buy-in with Legal & General Assurance Society, a transaction that transferred the longevity and investment risk for a substantial portion of its pensioner and deferred member liabilities to the insurer. This move effectively derisked the scheme, shifting its investment posture from growth-seeking allocation to stewarding insurer-backed policies and a remaining legacy property portfolio.
Does the Honda UK pension fund still hold direct investments?
Yes, but the portfolio has been significantly simplified. Alongside the bulk annuity policy with Legal & General and a relationship with Pension Insurance Corporation, the scheme retains a commercial property mandate managed by PGIM in the United Kingdom. The fund has not publicly disclosed a full list of liquid holdings beyond these positions.
What climate-reporting framework does the Honda UK pension fund follow?
The scheme publishes annual climate-related financial disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures. The TCFD report addresses governance, strategy, risk management, and metrics related to climate change for the remaining investment portfolio.
Who is the sponsoring employer of the Honda Group (UK) Pension Scheme?
Honda Motor Europe Limited is the sponsoring employer. The scheme provides defined-benefit pensions primarily to former employees of Honda's UK car manufacturing and associated European operations. The employer covenant underpins the scheme's remaining obligations and its funding agreements with insurers.
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.
Need institutional-grade insight on pension funds?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: