# West Bromwich Building Society Staff Retirement Scheme

West Bromwich Building Society Staff Retirement Scheme is a Pension Fund based in West Bromwich, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** West Bromwich, United Kingdom
- **Region:** Europe
- **Address:** Providence Place, West Bromwich, United Kingdom
- **Assets under management:** Undisclosed
- **Website:** westbromsrs.lcp.uk.com

## Regulatory record

- **Reports private funds:** No

## About

The West Bromwich Building Society Staff Retirement Scheme operates as the defined benefit pension vehicle for employees of the West Bromwich Building Society, a regional UK mutual lender. The scheme is closed to future accrual and exists solely to pay benefits to its remaining deferred and pensioner members. Glyn Smith serves as Chairman of Trustees, succeeding Bharat Shah, who held the role around 2011. The sponsoring employer, West Bromwich Building Society, is headquartered at Providence Place in West Bromwich. The scheme's primary strategic posture is liability de-risking. In a transaction announced during 2023, trustees completed a circa £70 million bulk purchase annuity buy-in with Canada Life, covering approximately 400 pensioner members and 490 deferred members (per the scheme's official communications, 2023). The buy-in converts a material portion of the scheme's longevity, interest rate, and inflation exposure into an insurance contract, while the underlying assets funding those liabilities are typically transitioned to a matching portfolio. The scheme's governance rests with a board of trustees responsible for investment oversight, actuarial valuations, and employer covenant monitoring. The sponsoring society is accredited as a Living Pension employer and holds Good Business Charter status, reflecting an operational commitment beyond statutory pension funding requirements. The scheme does not operate additional investment vehicles, co-investment structures, or third-party capital pools. Its sole function is discharging pension promises. Structurally, the scheme represents the terminal-phase architecture of UK private sector defined benefit provision: a closed fund with no active membership growth, executing a path-to-buyout through insurer transactions.

## People

- Glyn Smith — Chairman of Trustees
- Bharat Shah — Former Chairman of Trustees

## Questions

### What is the scheme's current funding position following the Canada Life buy-in?

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.

### How is the West Bromwich Building Society Staff Retirement Scheme related to the building society itself?

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.

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

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