Press releases

British Steel Pension Scheme appoints Legal & General Investment Management to manage its assets

London 13th July 2022 - The Trustee of the British Steel Pension Scheme ("BSPS") and Legal and General Investment Management ("LGIM") are pleased to announce an agreement in principle that LGIM is to be appointed to manage the combined assets of the BSPS Defined Benefit (DB) scheme.

13 Jul 2022

Full press release

BSPS is one of the UK’s largest pension schemes, with around 69,175 members and £9.9bn in assets. BSPS is administered by B.S. Pension Fund Trustee Limited, a corporate Trustee Company set up for this purpose. Under this agreement, and at the same time, a number of employees of the scheme’s in-house investment manager will be transferring to LGIM to support the transition, which is expected to commence in the final quarter of 2022.

There is an estimated £1.6 trillion remaining in Defined Benefit scheme assets in the UK. The Pensions Policy Institute (PPI) has estimated that £770 billion could come into play in the UK buy-in and buyout market leading up to 2030. Legal & General recently celebrated its 35th year since the inception of its PRT business; it remains the only global PRT provider.

Keith Greenfield, Chairman and Independent Trustee director, BSPS: “We are very pleased to announce this agreement on behalf of our members. L&G are the leading provider of both investment and insurance solutions in the DB marketplace, and between them LGIM and LGRI* already manage and insure just under 40% of our assets. Leveraging the scale and expertise of LGIM will resolve a number of cost and operational risk issues and will support our strategy to secure liabilities in full with one or more insurers, and be in a position to make additional payments to members under the agreement reached when the Scheme was set up.

The Trustee would like to take this opportunity to thank colleagues in the Scheme’s in-house investment team past and present for their significant contribution to both the Old and New British Steel Pension Schemes over a period of many years. I hope that a number of our colleagues will continue their careers and involvement with the Scheme with LGIM in the future.”

Michelle Scrimgeour, Chief Executive, LGIM: “We are delighted to be supporting the trustees and members of BSPS on their route to secure liabilities. Like many DB schemes, BSPS has seen its funding level against the cost of securing liabilities with an insurer improve significantly in recent months. Our role will be to manage the investments whilst closely matching insurer pricing and, in so doing, we will be leveraging the full resources of the L&G Group.”
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Elizabeth Bickham

Head of PR and Communications

Legal & General Investment Management (LGIM)

T: 020 3124 3589

Email Elizabeth Bickham

Notes to editors:

Legal & General Investment Management

Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.29 trillion1. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

1Globally, we manage assets of £1.42 trillion or CHF 1.75 trillion as at 31 December 2021 (source: LGIM internal data as at 31 December 2021). The data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include securities and derivatives positions.

*at 11 Jan 2023


Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. For illustrative purposes only. Reference to a particular security is on a historical basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. Views expressed are of LGIM as at 3 January 2023.


In the European Economic Area, it is issued by LGIM Managers (Europe) Limited, authorised by the Central Bank of Ireland as a UCITS management company (pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended) and as an alternative investment fund manager with "top up" permissions which enable the firm to carry out certain additional MiFID investment services (pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), as amended). Registered in Ireland with the Companies Registration Office (No. 609677).  Registered Office: 70 Sir John Rogerson's Quay, Dublin, 2, Ireland. Regulated by the Central Bank of Ireland (No. C173733).

LGIM Managers (Europe) Limited operates a branch network in the European Economic Area, which is subject to supervision by the Central Bank of Ireland. In Italy, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Commissione Nazionale per le società e la Borsa ("CONSOB") and is registered with Banca d'Italia (no. 23978.0) with registered office at Piazza della Repubblica 3, 20121 Milan, (Companies' Register no. MI - 2557936). In Germany, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the German Federal Financial Supervisory Authority ("BaFin"). In the Netherlands, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Dutch Authority for the Financial Markets ("AFM") and it is included in the register held by the AFM and registered with the trade register of the Chamber of Commerce under number 74481231.Details about the full extent of our relevant authorisations and permissions are available from us upon request. For further information on our products (including the product prospectuses), please visit our website.