The Barclays Bank UK Retirement Fund (the UKRF) is Barclays Group's main pension scheme. The scheme is administered by Barclays Pension Funds Trustees Limited, a wholly owned subsidiary of Barclays Bank PLC. The Trustee is the legal owner of the assets of the UKRF which are held separately from the assets of the Group. There are 9 Trustees of the Barclays Bank UKRF.
The Trustee has appointed a ‘primary’ manager, Oak Pension Asset Management Limited (‘OPAM’), to act in a fiduciary capacity in relation to the overall Fund, with duties including but not limited to the appointment and supervision of a number of ‘third party’ investment managers. OPAM has been delegated by the Trustee to oversee certain aspects of the implementation of its Responsible Investment (RI) policy and reports progress regularly, and at least annually, to the Trustee. There are 16 members of OPAM.