# Performing Right Society Pension Scheme

Performing Right Society Pension Scheme is a Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 1914
- **Assets under management:** Undisclosed
- **Website:** prsformusic.com
- **LinkedIn:** https://uk.linkedin.com/company/prs-for-music

## Regulatory record

- **Reports private funds:** No

## About

The scheme provides retirement benefits to former and current employees of the UK’s music-rights ecosystem, principally those who worked at Performing Right Society Limited (PRS for Music) and the Mechanical-Copyright Protection Society Limited (MCPS). While the precise founding date of the original pension arrangement is not publicly recorded, the fund was known for years as the MCPS-PRS Alliance Pension Scheme before adopting its current name. It exists today as a closed, private-sector defined-benefit plan with no new members accruing service. Its investable assets divide into two visible buckets: a directly owned UK commercial property portfolio and a pool of cash and other liquid instruments. The scheme’s sponsoring employer, PRS for Music, collects and distributes over £1 billion annually to rightsholders, providing a stable covenant for the pension fund. The scheme reports under the Financial Reporting Council’s UK Stewardship Code, which commits it to transparent oversight of investee companies, voting policies, and engagement priorities. No separate asset-management subsidiary, foundation, or co-investment club is known to sit alongside the pension trust. Governance rests with a board of trustees overseeing the employer covenant and investment strategy. Structurally, the scheme differs from pooled local-government or master-trust peers: it is a single-employer plan tied to the revenue streams of a copyright-collection society. That means the employer’s health correlates with music-licensing income rather than corporate earnings or tax receipts, giving the scheme’s actuarial position a distinctive economic driver.

## Sectors

- Commercial Real Estate
- Cash & Equivalents

## Questions

### Is the scheme still open to new members?

No. The scheme was previously known as the MCPS-PRS Alliance Pension Scheme and was closed to new members at an undisclosed date. The current structure operates exclusively as a closed pension plan meeting legacy obligations.

### What assets does the scheme invest in?

Identifiable holdings include a directly held UK commercial property portfolio and cash or other liquid assets. The commercial real estate is managed as the 'Pension Scheme Property Portfolio,' giving trustees a hands-on role uncommon among corporate plans. No public equity, private equity, or hedge fund allocations are confirmed.

### Does the scheme follow the UK Stewardship Code?

Yes. The scheme adheres to the Financial Reporting Council’s Stewardship Code, committing it to active ownership practices including monitoring investee companies and transparent reporting of voting and engagement activities.

### How is the scheme governed?

Governance is provided by a board of trustees responsible for overseeing the employer covenant, investment strategy, and administration. No external asset manager, outsourced CIO, or affiliated investment vehicle is disclosed, placing the trustees in direct control of portfolio decisions.

## Related profiles

- [Performa Partners](https://altss.com/profile/performa-partners)
- [Perigon Wealth Management](https://altss.com/profile/perigon-wealth-management)

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Last updated: 2026-08-11T02:43:31.692Z

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