# United Biscuits Pension Fund (UK)

United Biscuits Pension Fund (UK) 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:** 1948
- **Assets under management:** Undisclosed
- **Website:** pladisglobal.com
- **LinkedIn:** https://uk.linkedin.com/company/united-biscuits

## Regulatory record

- **Reports private funds:** No

## About

The United Biscuits Pension Fund (UBPF) is the occupational pension scheme for former and current employees of United Biscuits, the British snack company behind brands like McVitie's, Jacob's, and Carr's. The fund now operates under the sponsorship of pladis (UK) Limited, the global biscuit and confectionery arm of Turkey's Yıldız Holding, which acquired United Biscuits in 2014. The fund's origins trace back decades to the company's industrial heyday, making it one of many UK corporate pension schemes grappling with the shift from manufacturing employment to a service economy. The fund's disclosed investment program reveals a deliberate tilt toward tangible, income-producing assets within the United Kingdom. Confirmed commitments include residential real estate exposure through the Legal & General UK Build to Rent Fund LP, targeting the chronic undersupply of purpose-built rental housing in British cities. The fund also participates in infrastructure via allocations to Arcus Infrastructure Partners and Macquarie Asset Management, both long-tenured managers of European transport, energy, and digital infrastructure. The pension plan is governed by a board of trustees including Mark Oldham, who serves as Secretary and also holds the role of Company Secretary at pladis Foods Limited, and Linda Lee, a Director and Pension Trustee. The fund previously navigated changes in corporate ownership when United Biscuits was held by private equity firms The Blackstone Group and PAI Partners, periods during which pension deficit funding arrangements were central to transaction negotiations. This institutional memory places the current trustees in a position of hardened prudence regarding sponsor covenant strength and funding discipline. Structurally, UBPF operates as a classic UK defined-benefit plan within a multinational food conglomerate, a position that distinguishes its investment governance from sovereign or local authority pension pools. Its funding posture is interdependent with pladis's corporate health and Yıldız Holding's global balance sheet, creating a layered relationship of sponsor support that shapes the fund's risk appetite. The portfolio disclosed concentrates geographically on the United Kingdom, reinforcing the direct connection between domestic liabilities and domestic asset allocation — an alignment less common in funds that have globalized their sponsor relationships.

## Sectors

- Real Estate
- Infrastructure

## People

- Mark Oldham — Secretary and Trustee
- Linda Lee — Director and Pension Trustee

## Questions

### Who is the sponsoring employer of the United Biscuits Pension Fund?

The sponsoring employer is pladis (UK) Limited, the British subsidiary of the global snack conglomerate pladis. pladis itself was formed in 2016 by Yıldız Holding, the Turkish food group, to combine its biscuit and confectionery businesses including United Biscuits. Yıldız Holding stands as the ultimate parent company backing the employer covenant supporting the pension fund.

### What types of real assets does the fund invest in?

Disclosed holdings include the Legal & General UK Build to Rent Fund LP, providing exposure to the purpose-built rental housing sector. UBPF also allocates to UK infrastructure through managers Arcus Infrastructure Partners and Macquarie Asset Management, spanning sectors like transport, energy, and utilities. This configuration points to a focus on long-dated, income-producing assets that hedge against inflation.

### How is the pension fund governed?

The fund is governed by a trustee board. Known trustees include Mark Oldham, who acts as Secretary to the plan and is also Company Secretary at pladis Foods Limited, and Linda Lee, who serves as a Director and Pension Trustee. The board is responsible for investment strategy, actuarial funding oversight, and ensuring the plan meets its obligations under UK pensions law.

## Related profiles

- [United Automobile Insurance Company](https://altss.com/profile/united-automobile-insurance-company)
- [United Biscuits Pension Plan](https://altss.com/profile/united-biscuits-pension-plan-ubpp)

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

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