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Molins UK Pension Fund
The fund operates as the defined benefit pension scheme for the Mpac Group plc, the sponsoring employer formerly known as Molins. The group historically...
Molins UK Pension Fund
The fund operates as the defined benefit pension scheme for the Mpac Group plc, the sponsoring employer formerly known as Molins. The group historically specialized in tobacco processing machinery, though that operational link now serves only as context for the legacy pension obligations managed from Princes Risborough. In its most significant recent capital action, the scheme executed a circa £249 million buy-in with Aviva Life & Pensions, advised by Mayer Brown. The transaction covers a substantial portion of the fund’s liabilities, shifting the responsibility for paying member benefits to an insurer. Beyond the buy-in insurance contract, the fund holds a direct commercial property asset — The Cinema on Harefield Road in Uxbridge, UK — which remains part of the scheme’s investment portfolio. The trustees, including Chair Sanjay Gupta and Member Nominated Trustee Stephen Wickham, oversee the scheme’s governance. The fund engages with UK pension industry bodies Pensions UK and the Pensions Administration Standards Association, where trustees have historically participated in working groups. The structural differentiator is the fund's posture: it is a maturing corporate pension scheme that has moved decisively toward de-risking through a bulk annuity buy-in, signaling a run-off rather than an ongoing active investment strategy. This is a liability-driven endpoint, not a growth-oriented allocator.
General information
Firm type
Pension Fund
Location
Region
Europe
Country
United Kingdom
City
Princes Risborough
Corporate office
Princes Risborough, United Kingdom
Principals
Sanjay Gupta
Chair of the Trustee board
Stephen Wickham
Member Nominated Trustee
Sector focus
Frequently asked questions
What is the current posture of the Molins UK Pension Fund?
The scheme has moved into a de-risking posture. It completed a circa £249 million buy-in with Aviva Life & Pensions, a transaction that transfers the bulk of its pensioner liabilities to an insurer, signaling a run-off rather than an active investment strategy.
Who serves on the trustee board?
Sanjay Gupta chairs the trustee board. Stephen Wickham serves as a Member Nominated Trustee, representing the interests of scheme members alongside the other trustees.
What assets remain in the fund after the Aviva buy-in?
The fund still directly holds a commercial property, The Cinema on Harefield Road in Uxbridge, UK. The Aviva buy-in insurance contract now constitutes the other major asset covering the insured liabilities.
How is the pension fund related to the tobacco machinery business?
The fund is the legacy defined benefit scheme of the Mpac Group plc, formerly named Molins, which historically manufactured cigarette-making machinery. The group remains the sponsoring employer for the pension obligations.
Is the fund accepting new members or actively allocating to illiquid strategies?
As a legacy defined benefit scheme that has executed a large-scale buy-in, the fund is not in an accumulation or growth phase. It is focused on managing residual assets and completing its de-risking program rather than making new active allocations to illiquid strategies.
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