UK - The BT Pension Scheme is reducing its equity holdings - despite strong growth last year.
The UK’s largest pension scheme, which saw assets grow from £22.8bn to £26.3bn last year, is planning to cut equity allocations to 62.75% from 69.7% while raising its allocation to index-linked and fixed-rate bonds.
It will also be allocating 2% to hedge funds.
The biggest changes involve a five percentage point cut in the allocation to UK equities to 33% and a three percentage point reduction in the property to 12%.
The report also showed the BT Pension Scheme voted at 886 UK company meetings and had either abstained or opposed motions at 268 of them.
The report also revealed that the scheme’s investment manager Hermes acquired £900m worth of external pension fund clients over the year.
These included investments from Nissan, Calpers, London Pension Funds Authority, Devon County Council, First Group, BBA Group, RailPen, London Borough Of Haringey, mm02.
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Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
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