The British Coal Staff Superannuation Scheme (BCSSS) has appointed BlackRock as fiduciary manager for its £8bn pension scheme following a competitive selection process, replacing its longstanding bespoke in-house investment governance model.
The appointment will see BlackRock assume responsibility for day-to-day investment management within parameters set by the scheme’s trustee board, while trustees retain responsibility for the scheme’s long-term investment strategy and governance.
According to the fund, the appointment follows a review of the scheme’s investment needs as it continues to mature.
Until now, BCSSS had not used an external fiduciary manager. Instead, day-to-day investment advice and executive oversight were provided internally through Coal Pension Trustees Investment Limited (CPTI), which acts as principal investment adviser to the trustee board, according to the scheme’s latest annual report.
Cheryl Agius, chair of the trustee board at the BCSSS, said: “As the scheme continues to mature, the trustees have reviewed its investment needs to ensure it remains well positioned to deliver the long-term objectives. BlackRock’s global investment expertise, scale and experience working with some of the UK’s largest pension schemes make it well placed to support the Scheme now and in the future.”
BlackRock said the mandate would support the pension fund’s investment strategy by combining strategic oversight from the trustees with delegated day-to-day investment implementation.
According to BCSSS, the pension fund has around 39,000 members and approximately £8bn in assets.
The scheme’s 2025 annual report describes CPTI as the trustee board’s principal investment adviser, responsible for providing executive oversight and day-to-day investment advice under the scheme’s previous governance arrangements.
The move therefore represents a significant change in investment implementation for the closed defined benefit scheme, with responsibility for day-to-day portfolio management transferring from its bespoke internal governance model to an external fiduciary management provider while strategic oversight remains with the trustee board.
