Wyman-Gordon Limited

Wyman-Gordon Limited

Wyman-Gordon Limited is the defined-benefit pension scheme serving former employees of the Wyman-Gordon UK forging operations. The parent operating company, a century-old American industrial forgings manufacturer, was acquired by Precision Castparts Corp (PCC) — itself purchased by Berkshire Hathaway in 2016 for $37.2 billion. The UK pension entity sits as a legacy liability within Berkshire's sprawling industrial portfolio, not an active investment vehicle. Its membership consists of deferred and retired workers from the heavy-forging facilities in Livingston, Scotland and Hereford, England. The scheme's assets are administered through the Fidelity Master Trust, a multi-employer pension platform that pools assets for cost efficiency — a common structure for legacy corporate plans with no active sponsor management. The investment strategy is defensive: heavy weighting toward liability-driven investment (LDI) fixed income to match the aging participant base, with minimal growth-seeking allocations. The Livingston manufacturing complex off Houstoun Road remains the plan's most tangible anchor, shared with affiliated Berkshire entity Caledonian Alloys Limited. A separate affiliated entity, Special Metals Wiggin Limited, occupies the Hereford site. Team size and dedicated investment staff are not publicly disclosed; governance likely rests with a trustee board typical of UK defined-benefit schemes, possibly including professional independent trustees. The plan's 2022 addition of UK Emissions Trading Scheme (UK ETS) allowances to its asset base reflects a compliance posture, not a speculative carbon play — Wyman-Gordon's forging operations fall under heavy-industry emissions regulation. October 2023: The plan filed routine statutory accounts reflecting its ongoing run-off status as a closed defined-benefit scheme with no active accruals. Structurally, this is a pension entity in wind-down mode inside Berkshire Hathaway — the ultimate parent shows no appetite for turning legacy industrial pensions into active investment platforms. The Fidelity Master Trust wrapper outsources investment governance, making this more an accounting container than a distinctive allocator. The real economic weight sits in the operating real estate and the Berkshire credit backing, not in portfolio construction.