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Horizon Pension Scheme (CPLAS)
Horizon Pension Scheme (CPLAS) entered a Pension Protection Fund (PPF) assessment period following the insolvency of its sponsoring employer.
Horizon Pension Scheme (CPLAS)
Horizon Pension Scheme (CPLAS) entered a Pension Protection Fund (PPF) assessment period following the insolvency of its sponsoring employer. PPF assessment is a statutory process under UK pensions law that evaluates whether a defined-benefit scheme can afford to secure benefits above PPF compensation levels or must transfer fully into the PPF. The scheme represents a known type among UK institutional investors: a closed corporate pension fund where the sponsor has failed, shifting fiduciary control to the PPF and its appointed trustees.\n\nDuring assessment, the scheme's investment strategy is de-risked under PPF oversight. The portfolio transitions from any prior growth-seeking allocation toward a liability-driven investment (LDI) posture designed to match PPF-level benefits. Asset classes typically narrow to UK gilts, investment-grade credit, and cash instruments. Direct equity, private markets, or alternative exposures are almost entirely eliminated unless they form part of a pre-existing illiquid tail that cannot be rapidly sold. The objective is capital preservation and liability matching, not return generation.\n\nThe PPF published its 2024/25 Annual Report and Accounts, confirming that as of March 2025, it managed approximately £33 billion in assets across roughly 300 schemes in assessment and those fully transferred. Horizon (CPLAS) is one of these schemes. Scheme-level AUM is not publicly itemized by the PPF per individual scheme. The PPF itself is a public corporation established by the Pensions Act 2004, funded by levies on eligible UK defined-benefit schemes, and reports to Parliament through the Department for Work and Pensions.\n\nThe structural differentiator for Horizon is its statutory status: it is not an independent investor but a unit inside a government-sponsored lifeboat fund. There is no investment committee with discretionary mandate and no external manager selection process visible to the market. The governance framework is defined by the Pensions Act 2004 and PPF-published guidance. Fund managers interacting with the PPF ecosystem encounter a centralized, process-driven counterparty, not a separately staffed pension fund office making independent allocation decisions.
General information
Firm type
Pension Fund
Year founded
2014
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Frequently asked questions
What is the Pension Protection Fund assessment period, and how does it affect a scheme like Horizon?
The PPF assessment period is triggered when a UK defined-benefit scheme's sponsoring employer becomes insolvent. Under the Pensions Act 2004, the scheme enters a statutory process where the PPF evaluates whether there are sufficient assets to secure benefits at or above PPF compensation levels. During this period, which can last several years, the PPF takes control of the scheme's investment strategy and de-risks the portfolio towards gilts and credit. If the scheme cannot meet the higher threshold, it transfers permanently into the PPF.
Who makes investment decisions for Horizon Pension Scheme during assessment?
Once a scheme enters PPF assessment, investment authority shifts from the original trustee board to the PPF as statutory guardian. The PPF applies a standardized de-risking glidepath across all schemes in assessment, managed through external fiduciary management and LDI mandates. No independent investment committee operates at the individual scheme level during this phase.
Does Horizon Pension Scheme allocate to private markets or alternatives?
Almost certainly not during PPF assessment. The PPF's stated policy is to shift scheme assets rapidly toward gilts, cash, and investment-grade bonds to match PPF-level liabilities. Any pre-existing private market holdings would typically be a legacy tail that cannot be readily sold but no new commitments would be made. Institutional allocators should treat this as a centrally managed runoff portfolio, not an active LP.
How large is the PPF overall, and where does Horizon fit within it?
The PPF managed approximately £33 billion as of March 2025 across both schemes in assessment and those fully transferred from roughly 300 underlying schemes. Horizon (CPLAS) is one individual scheme in this pool. The PPF does not publicly disclose scheme-level AUM figures in its annual reporting, so specific sizing for Horizon is not available from official sources.
Is there an opportunity for external managers to pitch services directly to Horizon?
No. During assessment, all investment mandates are procured centrally by the PPF through its own fiduciary management and LDI framework agreements. The PPF runs a formal procurement process for its panel of managers that covers all schemes under its control. Individual scheme-named gatekeepers with discretionary selection authority do not exist during assessment.
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.
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