Michelin Pension and Life Assurance Plan

Michelin Pension and Life Assurance Plan

The Michelin Pension and Life Assurance Plan was established to deliver retirement benefits to staff of Michelin Tyre PLC and participating employers including ATS Euromaster. Vincent Dormieux serves as chair of the trustee board. The plan operates defined benefit and defined contribution sections under the oversight of Michelin Pensions Trust Limited. Assets include a Limited Price Index Property Fund in the UK, a 2.5 percent allocation to private markets via a Long Term Asset Fund added to target date funds in 2024, and global equity mandates. Confirmed holdings encompass infrastructure and forestry mandates, private equity and private debt mandates, and a position in J.H. Fenner & Co. (India) Limited. Geographic reach centers on the United Kingdom with additional exposure across global developed markets. The plan completed a bulk purchase annuity with Aviva in 2024 covering over 95 percent of defined benefit liabilities and representing the largest such transaction that year. Service providers include XPS Group as lead advisor, LCP as DB investment advisor, Hymans Robertson as DC advisor, and Capita as administrator. The plan maintains membership in the Pensions and Lifetime Savings Association. Governance flows through a trustee board with direct ties to the sponsoring employer Michelin Group. Investment decisions rest with the trustee and appointed advisors rather than an internal CIO function.