Meat & Livestock Commission Pension Scheme (MLCPS)

Overview

The Meat & Livestock Commission Pension Scheme is a legacy corporate defined-benefit pension fund originally established for employees of the now-abolished Meat and Livestock Commission in the United Kingdom. The scheme is currently sponsored by the Agriculture and Horticulture Development Board (AHDB), a UK levy board funded by farmers, growers, and processors in the agri-food sector, which itself reports into the Department for Environment, Food and Rural Affairs (Defra). Governance sits with MLC Pension Scheme Trustees Limited, a dedicated corporate trustee entity whose board includes both employer-appointed and member-nominated directors. Investment strategy has pivoted decisively toward liability matching and insurance de-risking. The scheme holds bulk annuity buy-in policies with two UK life insurers — Aviva and Just — a structure that passes longevity risk and asset-management responsibility to the insurers while the trustees retain the underlying scheme liabilities. Alongside the buy-ins, the scheme utilizes a Mercer Dynamic De-risking Solution (DDS), a fiduciary-management mandate designed to incrementally lock in funding-level improvements through a pre-agreed glidepath of liability-hedging asset allocation shifts. No direct private-market co-investments, real-estate joint ventures, or alternative fund commitments are disclosed. Day-to-day investment oversight and scheme administration are managed through the corporate trustee vehicle, with key directors including Valerie Milne and Richard John Lowe, alongside member-nominated trustee Kim Matthews. The scheme does not maintain a separate investment office or in-house portfolio-management staff — operational and actuarial functions are outsourced to professional-service firms. No affiliated charitable foundation, venture arm, or co-investment club is associated with the scheme. The scheme's structural character is that of a mature, closed corporate pension plan in endgame mode.