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NCR Pension Fund
The NCR Pension Fund, sponsored by the enterprise technology firm NCR Corporation, manages retirement benefits for employees and beneficiaries of the former...
NCR Pension Fund
The NCR Pension Fund, sponsored by the enterprise technology firm NCR Corporation, manages retirement benefits for employees and beneficiaries of the former NCR enterprise. Following NCR's 2023 separation into NCR Voyix and NCR Atleos, the pension obligations were split, with legacy liabilities de-risked through structured transactions. The UK plan executed a buy-in with Pension Insurance Corporation, while the US plan utilized a group annuity contract with Principal Life Insurance to secure participant benefits. The fund's investment strategy spans traditional defined-benefit portfolio construction with notable allocations to private real estate. Mandates include commitments to Long Wharf Capital's mixed-use fund, AEW Capital Management's commercial real estate vehicle, Ares Management's real estate fund, and a commercial real estate strategy with The TCW Group. An industrial development asset in Warrington, UK, rounds out the direct property exposure. The portfolio reflects a classic pension preference for hard assets generating yield to match liability cash flows. Blackstone's 2015 $820 million strategic investment in NCR Corporation indirectly touched the pension ecosystem, though the fund's trustee governance remained independent. Stephen Swinbank chairs the UK plan's trustee board, responsible for overseeing the PIC buy-in arrangement that transferred longevity and investment risk to the insurer. The NCR Foundation operates as a separate philanthropic vehicle, distinct from the pension trust's fiduciary obligations. Structurally, the fund's most significant differentiator is its corporate separation footprint. Unlike most single-sponsor pension funds that remain tethered to one company, the NCR plan now serves two publicly traded entities—NCR Voyix and NCR Atleos—with custody of a legacy pension pool that has been partially de-risked through insurance contracts. This hybrid posture, blending ongoing benefit payments with insured liabilities, gives the plan a shrinking but credit-intensive profile that institutional counterparties watch for residual covenant exposure.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Atlanta
Corporate office
Atlanta, GA, United States
Principals
John Boudreau
Former Vice President and Treasurer
Stephen Swinbank
Chair of Trustees, UK NCR Pension Plan
Sector focus
Frequently asked questions
Who runs investment decisions for the NCR Pension Fund?
Investment oversight is governed by trustee boards for each plan jurisdiction. Stephen Swinbank chairs the trustees for the UK NCR Pension Plan, responsible for monitoring the buy-in arrangement with Pension Insurance Corporation. John Boudreau, former Vice President and Treasurer of NCR Corporation, historically oversaw the pension transformation strategy before the corporate separation.
How did the 2023 NCR separation affect the pension fund?
NCR Corporation split into NCR Voyix and NCR Atleos in September 2023. Pension obligations were divided between the two successor entities, each assuming responsibility for their respective participant pools. This structure requires ongoing coordination between both companies to manage residual liabilities and covenant requirements with annuity counterparties.
How is the UK pension plan's risk structured?
The UK NCR Pension Plan executed a buy-in transaction with Pension Insurance Corporation, a specialist insurer of defined-benefit schemes. Under the arrangement, PIC assumes the investment and longevity risk for a defined set of participant benefits, while the trustee board retains fiduciary oversight of the contract. This is a liability-driven derisking common among UK corporate pensions.
Does the NCR Pension Fund participate in direct real estate investment?
Yes, the fund holds an industrial development asset in Warrington, UK, as part of its direct property exposure. It also invests through institutional fund managers, including Long Wharf Capital, AEW Capital Management, Ares Management, and The TCW Group, targeting commercial and mixed-use real estate strategies primarily in the US.
How are the US pension benefits secured?
The US plan utilized a group annuity contract with Principal Life Insurance Company, based in Des Moines, Iowa. This contract transfers a portion of the plan's benefit obligations to the insurer, removing investment and longevity risk from the pension trust for covered participants. Any non-annuitized benefits remain managed by the plan's investment portfolio.
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