Melli Bank plc The Pension & Life Assurance Scheme of Melli Bank plc

The Pension & Life Assurance Scheme of Melli Bank plc sits inside the UK-regulated subsidiary of Bank Melli Iran, one of the world's oldest state-owned...

Melli Bank plc The Pension & Life Assurance Scheme of Melli Bank plc

The Pension & Life Assurance Scheme of Melli Bank plc sits inside the UK-regulated subsidiary of Bank Melli Iran, one of the world's oldest state-owned financial institutions. The scheme is a legacy corporate defined-benefit plan, serving the former and current employees of Melli Bank plc's London operations. Governed by a dedicated corporate trustee, Melli Bank Pension Trustees Limited, the vehicle is walled off from the sponsor's banking balance sheet by UK pension trust law and regulated by The Pensions Regulator. The scheme's portfolio is structured to match pension liabilities denominated in sterling, with a mandate shaped by UK fiduciary regulation and the objectives set by the trustee board. No public breakdown of asset allocation exists, but typical UK corporate DB schemes of this scale hold a mix of UK gilts, investment-grade sterling credit, and a diversified allocation to global equities, often complemented by liability-driven investment overlays. The sponsor's relationship with the Iranian state banking sector introduces a layer of sanctions-related operational complexity that can constrain the roster of external managers and custodians willing to transact. Davood Mohammad Rezaei serves as CEO of the sponsoring bank, Melli Bank plc, which is headquartered in the City of London. The trustees and any investment sub-committee oversee day-to-day asset management, typically delegating to external investment consultants and fund managers selected through regulated procurement. No public team size or AUM figure is disclosed for the pension scheme itself. The structural differentiator is the scheme's position at the intersection of UK pension regulation and the extraterritorial sanctions environment. This constrains its investable universe and shapes its manager-selection process in ways that are materially different from a typical London corporate pension plan. The scheme's governance is designed to insulate beneficiary assets from the sponsor's geopolitical risk, a separation enforced by UK trust law.

General information

Firm type

Pension Fund

Location

Region

Europe

Country

United Kingdom

City

London

Corporate office

London, United Kingdom

Principals

Davood Mohammad Rezaei

CEO, Melli Bank plc

How does the scheme's relationship with Bank Melli Iran affect its investment operations?

The sponsoring employer, Melli Bank plc, is a UK subsidiary of the state-owned Iranian entity Bank Melli Iran, which has been subject to various international sanctions. While the pension scheme is a separate legal trust under UK law, the sanctions footprint of the ultimate parent can restrict the universe of custodian banks, investment managers, and global asset servicers willing to accept mandates or hold assets linked to the entity. The scheme's trustees must navigate this by selecting counterparties that comply with both UK fiduciary obligations and applicable sanctions frameworks.

What is the legal separation between the scheme's assets and the sponsoring employer?

Under UK law, the scheme's assets are held in a trust separate from the corporate assets of Melli Bank plc. This legal separation is fundamental: the scheme's assets are not available to the bank's creditors, and the bank cannot unilaterally access or direct those assets outside the established governance framework. This structure protects member benefits from the sponsor's commercial and operational risks.

Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: Jun 3, 2026. Continuous refresh with full update cycles at least every 30 days.