Leonardo Helicopters Pension Scheme

Leonardo Helicopters Pension Scheme

The Leonardo Helicopters Pension Scheme was established in 2011 to deliver retirement, health, and death benefits to employees of Leonardo UK Ltd. Leonardo SpA provides a parent-company guarantee. The scheme shares its trustee board and investment committee with the Leonardo Electronics Pension Scheme. Asset allocation centers on liability hedging, which accounts for the bulk of the $1.57 billion portfolio. Additional holdings include a UK property portfolio valued at $20.9 million, a $53.2 million return-seeking credit sleeve, and a $6.2 million commodities allocation. The scheme commits 0.1 percent to private equity through HarbourVest Partners and holds equity exposure via BNY Mellon and Vanguard funds. All investments remain within the United Kingdom and global developed markets. The scheme employs Schroders IS Limited as fiduciary manager and investment adviser, CACEIS as custodian, XPS Administration Limited as scheme administrator, and Isio Group Limited as actuary since 2023. It participates in the Pensions Consultative Committee and follows the UK Stewardship Code through its manager. In April 2024 the scheme closed to future accrual while continuing to manage existing liabilities. Governance is structured through a joint trustee board shared with the sister Leonardo Electronics scheme, creating a single decision-making body across two plans sponsored by the same corporate group.