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Kingfisher Pension Scheme (KPS)
Kingfisher Pension Scheme (Defined Benefit Section) serves as the corporate pension vehicle for Kingfisher plc, the parent of B&Q and Screwfix.
Kingfisher Pension Scheme (KPS)
Kingfisher Pension Scheme (Defined Benefit Section) serves as the corporate pension vehicle for Kingfisher plc, the parent of B&Q and Screwfix. The scheme was established to meet obligations to retail employees across the UK. Assets include a £2B position in UK government bonds for liability-driven investment. Additional holdings comprise a £258M UK retail property portfolio leased back to B&Q, plus three bulk purchase annuity contracts with Aviva, Legal & General, and Pension Insurance Corporation totaling £1.7B. The scheme also commits to Hayfin Direct Lending, BlackRock Renewable Power Fund II, and LGT Capital Partners vehicles. The scheme maintains 11 service providers including Aon as investment advisor, Hymans Robertson as actuary, and LGIM, BlackRock, Insight, and PIMCO as investment managers. It participates in the Net Zero Asset Managers initiative through LGIM and the TPR Scams Pledge. In January 2024 trustees attended training covering Mansion House Reforms and illiquid assets. Governance relies on BESTrustees Limited for independent trustee services and on participating employers Kingfisher plc, B&Q Limited, and Screwfix Direct Limited for ongoing funding obligations.
General information
Firm type
Defined Benefit
Year founded
—
AUM
2800 (Altss estimate)
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
—
Sector focus
Frequently asked questions
Who sponsors the Kingfisher Pension Scheme?
Kingfisher plc acts as principal employer with B&Q Limited and Screwfix Direct Limited as participating employers.
How does KPS manage longevity risk?
The scheme has executed three bulk purchase annuity contracts with Aviva, Legal & General, and Pension Insurance Corporation covering over 8,000 members.
What asset classes appear in KPS holdings?
UK gilts, UK commercial real estate leased to B&Q, direct lending, renewable power funds, and private equity commitments via LGT Capital Partners.
Which managers run KPS assets?
Legal & General Investment Management, BlackRock, Insight Investment, and PIMCO serve as investment managers alongside Aon as advisor.
Does KPS maintain an ESG policy?
The scheme follows a climate-tilt equity approach and reports under TCFD through its managers' participation in the Net Zero Asset Managers initiative.
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