West Bromwich Building Society Staff Retirement Scheme

The board of trustees holds fiduciary responsibility for the scheme's investments and governance. Glyn Smith serves as the current Chairman of Trustees, having succeeded Bharat Shah who held the role in the early 2010s. The trustees typically delegate day-to-day investment management to external advisors and fiduciary managers, a common arrangement for UK pension schemes of this scale operating in de-risking mode.

The circa £70 million buy-in with Canada Life, completed in 2023, secured the benefits for approximately 400 pensioner members and 490 deferred members. This transaction converts those specific liabilities into an insured obligation, removing the associated longevity and investment risk from the scheme. The precise residual funding level for any remaining uninsured liabilities is disclosed through the scheme's annual report and accounts, filed with the UK Pensions Regulator.

West Bromwich Building Society is the sponsoring employer of the scheme. The society's financial strength constitutes the employer covenant that underpins the scheme's ability to meet its obligations. The scheme is a separate legal trust, governed by its trustee board, but its funding relies partly on contributions and support from the sponsoring society. The scheme's headquarters address corresponds to the society's head office at Providence Place, West Bromwich.

No. The West Bromwich Building Society Staff Retirement Scheme is closed to new entrants and to future benefit accrual. All active membership has ceased. The scheme's sole objective is to pay benefits already earned by its deferred and pensioner members, and to manage the residual liabilities until full settlement is achieved, likely through one or more further buy-in or buyout transactions.

Given its closed status and recent insurer buy-in, the scheme's remaining investment portfolio is likely concentrated in liability-matching assets such as UK government bonds, investment-grade credit, and cash. Pension schemes executing buy-ins typically align their asset allocation with insurer requirements. There is no public indication that the scheme maintains direct private equity, venture capital, or real asset allocations, nor does it participate in fund commitments or co-investments alongside external general partners.

The 2023 buy-in with Canada Life signals a clear de-risking trajectory toward full buyout. In a buyout, the insurer assumes responsibility for all member benefits and the scheme is wound up. The trustees are likely evaluating whether additional premium can be allocated to convert the remaining liabilities into a further buy-in or a single buyout transaction, which is the standard terminal objective for closed UK defined benefit schemes of this size.

The scheme's website is hosted on the LCP (Lane Clark & Peacock) platform at westbromsrs.lcp.uk.com, suggesting LCP provides advisory or administrative services to the trustees. LCP is a major UK pensions consultancy frequently engaged for actuarial, investment, and de-risking advice. The trustees also likely retain legal counsel and an investment consultant, though specific mandates beyond the LCP relationship are not publicly disclosed.