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MCPS-PRS Alliance Pension Scheme
The scheme was established as the corporate pension vehicle for the Mechanical-Copyright Protection Society and the Performing Right Society, two collecting...
MCPS-PRS Alliance Pension Scheme
The scheme was established as the corporate pension vehicle for the Mechanical-Copyright Protection Society and the Performing Right Society, two collecting societies that together form PRS for Music. That operating entity, led by CEO Andrea Czapary Martin and chaired by Stevie Spring, employs the scheme's active and deferred members — making the fund's health directly tied to the music rights ecosystem that its sponsors administer. The pension scheme follows a traditional defined-benefit investment approach for a UK corporate plan, allocating across pooled investment vehicles and direct commercial property. A known real estate holding is the London Bridge Hub, an office asset near Borough Market that serves both as an investment and, historically, as workspace for PRS for Music staff. The pooled fund portfolio provides diversified exposure across global equities, fixed income, and alternative assets typical of UK Local Government Pension Scheme and corporate DB peers, though specific fund manager relationships or mandates are not publicly catalogued. The scheme's governance sits with a trustee board responsible for funding-level monitoring, actuarial valuations, and employer covenant assessment. Its relationship with PRS for Music's parent entities — PRS and MCPS — means the employer covenant derives from the societies' ability to collect and disburse royalties, a revenue stream that demonstrated resilience during the COVID-19 pandemic when streaming income offset the collapse of live performance licensing. This trustee governance model follows standard UK DB practice rather than any single-family-office-style unified control structure. What distinguishes the MCPS-PRS Alliance Pension Scheme structurally is its niche employer ecosystem — a pension fund for an organization that is itself a monopoly collector of a specific intellectual property right. This means the scheme's funding trajectory correlates not with a generic industry cycle, but with the legislative durability of collective rights management, the market share of UK repertoire in an increasingly global streaming market, and the employer's own operational discipline in distributing royalties efficiently. It is a corporate DB plan, but one underwriting the pensions of people who process the payments that keep music creators solvent — a DNA absent from most UK pension schemes.
General information
Firm type
Pension Fund
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Stevie Spring
Chair of the Board, PRS for Music Limited
Andrea Czapary Martin
CEO, PRS for Music
Frequently asked questions
Who sponsors the MCPS-PRS Alliance Pension Scheme?
The scheme is co-sponsored by the Performing Right Society (PRS) and the Mechanical-Copyright Protection Society (MCPS), which together operate as PRS for Music. PRS for Music is the UK's primary collecting society for performance and mechanical rights, licensing music use and distributing royalties to songwriters, composers, and music publishers. The employer covenant therefore rests on the societies' ongoing ability to collect licensing revenue on behalf of their members.
What type of investment strategy does the scheme follow?
The scheme follows a typical UK corporate defined-benefit model, deploying capital across pooled investment funds that cover global equities, bonds, and alternative assets. It also holds direct commercial property, including the London Bridge Hub. The investment approach is liability-driven, aiming to match long-duration pension obligations rather than chasing absolute-return targets.
Is the scheme open to new members?
The scheme is a legacy defined-benefit plan whose active-membership status is not publicly detailed. Many UK corporate DB schemes have closed to new entrants and future accrual, shifting to defined-contribution alternatives, though the scheme's current membership status would require confirmation from the trustees or sponsor.
How is the employer covenant assessed?
The employer covenant rests on PRS for Music's royalty-collection and distribution business, which generated stable revenue through the streaming growth era. Covenant strength is tied to legislative frameworks protecting collective rights management, the volume of UK music usage globally, and the society's operational efficiency. The trustees monitor this regularly as part of actuarial valuation cycles.
Does the scheme make direct investments or use external managers?
Public record indicates the scheme uses both pooled investment funds, which delegate stock selection and asset allocation to external managers, and a direct commercial-property holding at London Bridge. The balance between direct and delegated mandates is not publicly itemized, but this dual approach is common among UK DB pension funds of similar profile.
What real estate does the scheme own?
The scheme's confirmed commercial property asset is the London Bridge Hub, an office building at London Bridge historically used as workspace for PRS for Music. The property serves as an income-generating investment within the scheme's broader asset portfolio.
What is the relationship between the pension scheme and the PRS Foundation or PRS Members' Fund?
The PRS Foundation and PRS Members' Fund are separate philanthropic entities linked to the PRS for Music group but are not assets or liabilities of the pension scheme. The Foundation supports new music creation and talent development, while the Members' Fund provides welfare support to music creators in hardship. Neither draws on pension scheme assets.
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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