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Royal National Institute of Blind People Pension Schemes (RNIB)
The Royal National Institute of Blind People Pension Schemes encompass the retirement obligations of one of Britain's oldest charitable institutions.
Royal National Institute of Blind People Pension Schemes (RNIB)
The Royal National Institute of Blind People Pension Schemes encompass the retirement obligations of one of Britain's oldest charitable institutions. The primary vehicle is a corporate defined-benefit plan, closed to future accrual, with governance resting in a trustee board chaired by Andrew Evans. The sponsoring employer, RNIB, provides charitable services to blind and partially sighted people across the United Kingdom, and the pension scheme exists solely to discharge accrued benefit promises — it does not pursue a growth mandate or accept new employer contributions beyond deficit-repair payments. The investment strategy reflects a mature liability profile. Asset allocation centers on three sleeves: a Legal & General-managed global real estate equity index fund, the L&G Managed Property Fund for UK commercial property exposure, and a dedicated liability-hedging asset portfolio designed to match the duration and inflation sensitivity of the scheme's pension obligations. This LHA allocation is characteristic of UK defined-benefit schemes that have de-risked toward an endgame of buyout or self-sufficiency. No equity growth portfolio or private-market allocation has been publicly disclosed. Trustee governance was strengthened in August 2024 when Law Debenture Pension Trust Corporation was appointed as a professional trustee to the board. Law Debenture, one of the UK's largest independent trustee firms, brings institutional governance and specialist pensions expertise. The scheme shares administrative and governance ties with the National Library for the Blind Pension Trust, a linked plan that historically served employees of a separate charity that merged with RNIB in 2007. Stuart Fox, RNIB's Chief Financial Officer, serves as a trustee, providing sponsor-side financial oversight. The scheme's structural differentiator is its endgame posture. Unlike many UK charitable pension funds that retain growth-seeking allocations, the RNIB schemes have materially de-risked into liability-matching assets — a configuration consistent with a scheme preparing for eventual transfer to an insurance buyout platform. The Law Debenture appointment, combined with the liability-hedging allocation, suggests the trustee board is systematically reducing sponsor dependency ahead of a potential bulk-annuity transaction.
General information
Firm type
Pension Fund
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Andrew Evans
Chair of the Trustees, RNIB Retirement Benefits Scheme
Stuart Fox
Trustee and Chief Financial Officer, RNIB
Sector focus
Frequently asked questions
Is the RNIB pension scheme still open to new members?
The RNIB Retirement Benefits Scheme is a legacy defined-benefit plan that is closed to future accrual. It exists solely to pay benefits already earned by former and current employees of the Royal National Institute of Blind People. No new members are being enrolled, and the scheme does not accept ongoing employer contributions outside of statutory deficit-reduction payments.
What is the scheme's investment strategy?
The scheme has adopted a maturity-matched strategy centered on three allocations: a global real estate equity index fund managed by Legal & General, the L&G Managed Property Fund for UK commercial property exposure, and a liability-hedging asset portfolio. This configuration is designed to match the scheme's pension obligations in duration and inflation sensitivity, consistent with a de-risked endgame posture.
Who governs the RNIB pension schemes?
A board of trustees chaired by Andrew Evans governs the RNIB Retirement Benefits Scheme. In August 2024, Law Debenture Pension Trust Corporation was appointed as a professional trustee. Stuart Fox, RNIB's Chief Financial Officer, also serves on the board providing employer-side financial oversight.
What is the connection between the RNIB scheme and the National Library for the Blind Pension Trust?
The National Library for the Blind Pension Trust is a linked pension scheme managed alongside the RNIB Retirement Benefits Scheme. The two entities share governance and administrative arrangements stemming from the 2007 merger of the National Library for the Blind into RNIB. Both schemes represent legacy charitable-sector pension obligations.
Is the scheme preparing for a pension buyout?
The scheme's liability-hedging asset allocation, professional trustee appointment, and closed-to-accrual status suggest the trustee board is systematically reducing sponsor dependency — a path consistent with eventual transfer to an insurance buyout platform. However, no formal buyout transaction or bulk-annuity contract has been publicly announced.
Does the scheme invest in private markets or venture capital?
No private-market or venture-capital allocations have been publicly disclosed. The disclosed portfolio consists of listed real estate, UK commercial property, and liability-hedging assets. The scheme's mature, de-risked posture is incompatible with the illiquidity and return-seeking profile of private equity or venture strategies.
How does the scheme relate to RNIB's charitable activities?
The pension scheme is legally separate from RNIB's charitable operations and cannot be used to fund charitable programs. It exists solely to meet accrued pension obligations to former RNIB employees. RNIB's charitable work — providing services to blind and partially sighted people — is funded entirely from donations, legacies, and operational income, not from pension assets.
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