Santander UK Group Pension Scheme

Santander UK Group Pension Scheme

Established in 1996, Santander UK Group Pension Scheme manages defined-benefit pensions for Santander UK plc employees. It incorporated the Alliance & Leicester Pension Scheme in 2012. The scheme is sponsored by Santander UK plc, whose ultimate parent is Banco Santander, S.A. The scheme maintains a 5.5% target allocation to private equity. It holds direct UK commercial real estate assets including the Woolwich High Street Portfolio, The Arena, The Brewery, and the Royal Mail Pension Plan Property Portfolio valued at $520 million. A longevity swap with Zurich and PICA covers 40% of scheme liabilities. A bulk annuity policy with Aviva covers additional insured members. All holdings remain within the United Kingdom. Assets total $10.5 billion. Service providers include Gallagher as scheme administrator since 2024, Northern Trust as custodian, Legal & General Investment Management, Mercer, XPS Investment, Slaughter and May, A&O Shearman, and PricewaterhouseCoopers as auditor. The scheme attended Professional Pensions Live in May 2024. It maintains the Santander UK Foundation Limited, established in 1990, which directs grants toward education and inequality reduction. Governance separates from the sponsor through a trustee board chaired by Frank Oldham, with dedicated committees for sustainability and investment decisions.