Updated:
Skanska UK Pension Fund
The Skanska UK Pension Fund operates as the defined-benefit pension scheme for employees of Skanska UK plc, one of the country's largest contractors.
Skanska UK Pension Fund
The Skanska UK Pension Fund operates as the defined-benefit pension scheme for employees of Skanska UK plc, one of the country's largest contractors. Harvey Francis, the fund's Chairman of the Trustee Board since 2011 and former Executive Vice President of Skanska UK until his 2025 retirement, leads the trustee's governance alongside CFO Meliha Duymaz, who serves as a key business partner on the sponsor side. The fund closed a £525 million full buy-in transaction with Standard Life, a deal that covers approximately 5,500 members and represents a decisive step in its long-term de-risking program. The scheme's investment portfolio combines direct property holdings and risk-transfer instruments. It owns industrial property assets within the United Kingdom, providing exposure to the logistics and warehousing sector, and maintains a longevity swap arrangement with Zurich Assurance that hedges against increasing member life expectancy. While detailed asset-class breakdowns and other portfolio positions are not publicly disclosed, the fund's strategy centers on liability-driven investing and capital preservation for its mature membership base. The Trustee Board relies on Skanska UK plc — the corporate sponsor and wholly-owned subsidiary of Sweden's Skanska AB — for funding and strategic oversight. The sponsor, known for major UK projects including the Gherkin, Crossrail, and the M42 Junction 6 improvement scheme, directly supports the fund's obligations. The buy-in was completed in 2024, marking the fund's most significant operational milestone in recent years and effectively transferring the bulk of its pension liabilities to an insurer. The fund's architecture separates governance from asset management: the Trustee Board retains fiduciary control while purchasing insurance solutions to manage risk, a posture that removes day-to-day investment discretion from the sponsor. This buy-in structure, now fully executed, distinguishes it from schemes that continue to hold a diversified growth portfolio alongside a sponsor covenant.
General information
Firm type
Pension Fund
Year founded
1887
Location
Region
Europe
Country
United Kingdom
City
Watford
Corporate office
Watford, United Kingdom
Principals
Harvey Francis
Chair of the Trustee Board
Meliha Duymaz
CFO and Executive Vice President, Skanska UK
Sector focus
Frequently asked questions
Who runs investment decisions at the Skanska UK Pension Fund?
The Trustee Board, chaired by Harvey Francis since 2011, governs the fund and makes fiduciary decisions. The board works alongside Skanska UK CFO Meliha Duymaz. The fund's recent full buy-in with Standard Life effectively delegates day-to-day asset management and longevity risk to the insurer.
What was the significance of the £525 million buy-in?
The full buy-in with Standard Life, completed in 2024, transferred the pension liabilities for roughly 5,500 members off the fund's balance sheet. It marks the culmination of a de-risking strategy, replacing ongoing investment management with an insured benefit obligation.
How is the Skanska UK Pension Fund related to Skanska AB?
Skanska UK plc, the corporate sponsor of the fund, is a wholly-owned subsidiary of Skanska AB, the publicly traded Swedish construction and project development group. The parent company provides the ultimate financial backing for the UK pension obligations.
Does the fund still hold direct real assets?
Yes. The fund holds direct industrial property assets in the United Kingdom, along with a longevity swap with Zurich Assurance. Following the buy-in, the remaining asset base is likely concentrated on these holdings and residual sponsor-related obligations.
What is the fund's posture on co-investments alongside external GPs?
The fund's strategy is liability-driven and targeted at risk reduction, not growth. Given the completed buy-in that covers the bulk of its liabilities, it is highly unlikely to pursue new co-investment opportunities or commit to external private market funds.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on pension funds?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: