Rentokil Initial (UK) Pension Scheme

Rentokil Initial (UK) Pension Scheme

The Rentokil Initial 2015 Pension Scheme was established in 2015 as the UK pension arrangement sponsored by Rentokil Initial plc. Chris Pearce served as chairman of the trustee company. The scheme held £1,424.5 million in assets as of December 2015 before executing its buy-out. Asset allocation included a liability hedge portfolio of interest rate and inflation swaps, fixed gilts and corporate bonds. Return-seeking holdings comprised global infrastructure exposure, reinsurance, leveraged loans, diversified public equities and commodities. Geographic reach covered the United Kingdom for fixed income and global markets for growth assets. The scheme operated through Willis Towers Watson as investment adviser and Pension Insurance Corporation as insurer. The trustee company also oversaw the Initial Hospital Service No. 1 Pension Scheme. Andy Ransom, CEO of Rentokil Initial plc, maintained the sponsor relationship. February 2022 marked the completion of the buy-out, after which the scheme moved toward wind-up by the end of that year. The scheme's architecture was defined by its finite life and delegation of ESG considerations to external managers given the compressed time horizon. No ongoing investment program or successor vehicle exists after settlement.