# Honeywell UK Pension Scheme

Honeywell UK Pension Scheme is a Pension Fund based in Berkshire, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Berkshire, United Kingdom
- **Region:** Europe
- **Address:** Berkshire, United Kingdom
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The Honeywell UK Pension Scheme is the United Kingdom retirement vehicle for employees of Honeywell International Inc., the US-listed industrial conglomerate. The scheme operates under a trustee structure, with Honeywell UK Pension Scheme Trustee Limited registered in England and Wales. Robert Colin Millar serves as a director of the trustee company, overseeing governance of the plan's obligations to its pensioner and deferred member base. The plan is a maturing defined-benefit scheme, a structure that has prompted a deliberate strategic shift toward full risk transfer. The scheme's investment strategy has pivoted sharply toward liability-driven investing (LDI) and insurance buy-ins. It maintains a dedicated LDI portfolio designed to match the cash-flow profile of its pension liabilities, reducing exposure to interest-rate and inflation volatility. Beyond the LDI allocation, the scheme holds a mixed-use Property Sub-fund within the United Kingdom. The defining activity of the last decade, however, has been the sequential offloading of its liabilities. The trustees executed a significant bulk annuity contract with Legal & General, followed by a further buy-in transaction with Aviva, covering additional tranches of pensioner liabilities. The scheme's investment activity is now dominated by the management of the residual LDI portfolio and the oversight of insurer counterparty risk on the executed buy-in policies. The trustee board, chaired by professionals like Millar, operates from the plan's administrative base in Berkshire, United Kingdom. The Honeywell UK Pension Scheme exemplifies the terminal pathway for many large UK corporate defined-benefit plans: a long march from diversified growth assets into matching LDI portfolios, culminating in a series of bulk annuity purchases that ultimately discharge the employer's pension liabilities from the balance sheet. The scheme's architecture now functions primarily as a governance wrapper for the insured benefits, with the remaining investment function focused on the collateral management and cash-flow matching required by its derivatives overlay.

## People

- Robert Colin Millar — Director, Honeywell UK Pension Scheme Trustee Limited

## Questions

### How does the scheme's investment strategy accommodate the bulk annuity contracts?

After a buy-in, the scheme holds an insurance policy as an asset that exactly matches a defined set of liabilities. The trustees must manage the residual assets, which include a liability-driven investment portfolio designed to hedge interest rate and inflation exposure on the remaining uninsured liabilities. The LDI mandate and the property sub-fund represent the primary active investment components remaining under trustee control.

### Has the Honeywell UK Pension Scheme fully transferred all its liabilities to insurers?

The scheme has not announced a full buy-out. It has executed two publicized bulk annuity transactions with Legal & General and Aviva. Until a final buy-out transaction covering all remaining members is announced and the scheme is wound up, the trustee board remains responsible for administering the residual liabilities and managing the LDI and property assets backing them.

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Last updated: 2026-08-11T02:43:31.692Z

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