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BT Pension Scheme

PRI reporting framework 2019

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

01.3. Additional information. [Optional]

Background information to the BT Pension Scheme (BTPS):

The BTPS is the largest private sector pension scheme in the UK with close to 300,000 members and approximately £50bn of assets.  It is a defined benefit scheme managed by an independent Trustee on behalf it its members. The Scheme was closed to new members in 2001 and closed to future accrual on 30 June 2018. BT Pension Scheme Management Ltd (BTPSM), a team of approximately 50 staff, acts as the executive arm of the Trustee and is the Scheme’s principal investment advisor. The Scheme’s assets are managed by external investment management companies across a diversified range of asset classes including equities, corporate and government bonds, property and alternatives.

The Scheme has a long history of being a responsible investor and engaged owner.  It was a founding signatory of the Principles for Responsible Investment (PRI) in 2006 and is a Tier 1 signatory to the UK Stewardship Code.  This commitment is articulated in the Scheme’s Responsible Investment Policy (publicly available at www.btpensions.net) by the mission statement which explains that “as a responsible investor we will manage the Scheme’s assets by seeking the optimal long-term risk-adjusted return while limiting outcomes which may harm our beneficiaries’ shared interests.”  To do this effectively, the Trustee has integrated financially material environmental, social and governance (ESG) considerations throughout the investment process and promotes active stewardship of the portfolio companies and assets owned by the Scheme.

The Trustee oversees the Scheme’s responsible investment strategy, which also includes the consideration of emerging, long-term structural risks, including climate change and technological disruption. The implementation of the responsible investment strategy is undertaken by BTPSM, with activity focused on the following core areas: i) Understanding the risks and opportunities that may face the Scheme because of its long-term investment horizon;
ii) Integrating financially material ESG factors throughout the investment process, including in the design of investment mandates, new manager searches and ongoing monitoring of managers; and iii) Ensuring the Scheme is delivering long-term value through responsible ownership.  The majority of the Scheme’s stewardship activities are undertaken by Hermes EOS, a leading provider of engagement resources.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United Kingdom

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

50 FTE

02.4. Additional information. [Optional]


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

30/06/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 10-50% 20
Fixed income 0 0 >50% 54
Private equity 0 0 <10% 3
Property 0 0 10-50% 10
Infrastructure 0 0 <10% 3
Commodities 0 0 0 0
Hedge funds 0 0 <10% 3
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 <10% 7
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

94 Developed Markets
6 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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