# M&S Pension Scheme

M&S Pension Scheme is a Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Assets under management:** $8.3B (Altss estimate)
- **Website:** mandspensionscheme.com

## Regulatory record

- **Reports private funds:** No

## About

The M&S Pension Scheme is a UK-based private-sector defined-benefit vehicle that acts as the retirement fund for Marks & Spencer employees who joined a pension arrangement on or before 31 March 2002. The Scheme is closed to new members and future accrual, making it a run-off book managed by a board of Trustee Directors. Despite its closed status, the Scheme maintains an active private-markets posture. Its strategic deployment spans buyout, early-stage venture, expansion capital, secondaries, and co-investment. The geographic footprint appears concentrated in the UK but may extend to European and North American exposures through commingled fund structures. Operational oversight rests with a board of Trustee Directors supported by professional advisers. The Trustee's governance framework includes a dedicated sustainability strategy with a net-zero target embedded in its investment approach. In its latest communications, the Trustee emphasized work to protect the Scheme's financial health while applying ESG filters across its portfolio. As a closed corporate pension fund in run-off, the Scheme lacks the permanent-capital flexibility of a family office or sovereign wealth fund. Its structural differentiator is the collision of a mature liability-driven investment framework with an opportunistic, multi-stage private-asset mandate — forcing the Trustee to constantly balance near-term liquidity needs for pensioners against illiquidity premiums from venture and buyout commitments.

## Sectors

- Secondaries & Special Situations
- Hedge Funds
- Private Credit
- Infrastructure
- Real Estate

## Questions

### Is the M&S Pension Scheme still open to new members?

No. The Scheme closed to new members and future pension accrual on 31 March 2002. It now operates as a run-off vehicle, paying benefits to retired and deferred members.

### Who is responsible for investment decisions?

A board of Trustee Directors — referred to collectively as 'the Trustee' — is responsible for all governance, including investment strategy. The Trustee is supported by specialist advisers, though specific investment committee members or external consultants are not publicly named.

### What is the M&S Pension Scheme's stance on sustainability?

The Trustee has adopted a formal sustainability strategy with a net-zero emissions target. The Scheme's website states it is working to ensure investments have a positive environmental impact and that climate risk is integrated into portfolio decisions.

### How is the M&S Pension Scheme funded?

As a corporate defined-benefit plan, it receives contributions from the sponsoring employer, Marks & Spencer, when required. The Scheme's funded status and the precise contribution schedule are not published publicly.

## Related profiles

- [The Fonds de Réserve pour les Retraites](https://altss.com/profile/the-fonds-de-reserve-pour-les-retraites)
- [Groupe Prévoir](https://altss.com/profile/groupe-prevoir)

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

Canonical page: https://altss.com/profile/marks-and-spencer-uk-pension-scheme

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