# ICI Pension Fund

ICI Pension Fund is a Pension Fund based in Winchester, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Winchester, United Kingdom
- **Region:** Europe
- **Address:** St Paul’s House St Paul’s Hill, Winchester, Hampshire, United Kingdom
- **Founded:** 1990
- **Assets under management:** 7695 (Altss estimate)
- **Website:** icipensionfund.lcp.uk.com

## Regulatory record

- **Reports private funds:** No

## About

The ICI Pension Fund was established in 1990 as the defined benefit occupational scheme for Imperial Chemical Industries employees. AkzoNobel became the principal sponsor after acquiring ICI in 2008. Lane Clark & Peacock has acted as investment and de-risking advisor since 2013. The fund allocates across bulk annuity policies and a liability-driven investment portfolio. Confirmed holdings include a $8.89 billion bulk annuity program with Legal & General completed through twelve transactions since 2014, a $760 million program with Prudential, and a $750 million policy with Scottish Widows. The LDI sleeve, valued at $1.9 billion, consists primarily of UK government bonds. Geographic exposure remains concentrated in the United Kingdom. Assets total $7.7 billion. The fund employs Pensions Secretariat Services Limited for administrative functions and retains Northern Trust as global custodian. An event record shows participation as speaker at the LCP Pension Conference in 2014 on its record buy-in transaction. No additional offices are disclosed. The fund operates under a trustee board that includes directors John David Preston, Francis George Rose, Christopher James Cook, Susan Anne McMahon, and Michael Thomas Owtram. Its mandate centers on matching and insuring existing liabilities rather than active growth strategies.

## Sectors

- Raw Materials & Natural Resources
- Renewable Energy

## People

- Heath Mottram — Chief Executive of Pensions Secretariat Services Limited and CEO of the ICI Pension Fund

## Questions

### Who runs investment decisions at ICI Pension Fund?

Heath Mottram serves as CEO. Lane Clark & Peacock acts as investment advisor and de-risking lead since 2013. BlackRock Advisors (UK) Limited serves as an investment manager.

### How does ICI Pension Fund source proprietary deal flow?

The fund executes bulk annuity transactions through direct insurer relationships rather than open-market sourcing. Primary counterparties include Legal & General, Prudential, and Scottish Widows.

### Does ICI Pension Fund participate in fund commitments or only direct deals?

The fund focuses on direct bulk annuity policies and liability-matching assets. No fund commitments or external manager allocations are disclosed in available records.

### What investment stages does ICI Pension Fund typically target?

The fund targets long-duration liability matching with investment horizons between 10 and 30 years. It does not pursue venture, growth, or buyout stages.

### What is ICI Pension Fund's known posture on co-investments alongside external GPs?

The fund does not engage in co-investments or GP partnerships. Its activity is limited to insurer buy-ins and internal LDI holdings.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/ici-pension-fund

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