The Trustee is the direct legal owner of the majority of the Scheme’s assets, managed by Amundi and Invesco. As the legal owner, the Trustee – not individual members – would be the FSCS claimant if protection applied (eg, insolvency of an investment manager or custodian). The Trustee would then decide how any compensation is distributed within the Scheme.
The funds managed by SSGA are invested through a long-term insurance contract with Managed Pension Funds Limited, a structure commonly used by UK pension schemes to enhance protection. If Managed Pension Funds Limited were to become insolvent, FSCS coverage might apply to recover deficits, although this has not been tested. The Trustee monitors all investment managers closely with advice from an FCA-authorised advisory firm.
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