UK – Pam Jenkins, secretary and manager of the £1bn (€1.5bn) defined benefit group pension of publishing group Pearson, has retired.

Jenkins left Pearson earlier this year, an official at the fund told IPE. She has been replaced by Annette Scott, formerly head of pension policy at the £50bn BT Pension Scheme. Neither Scott nor BTPS was for comment.

According to ‘International Pension Funds and their Advisors’, the Pearson scheme allocates 24.7% to UK equity, 20.2% to overseas equities and about 10% to UK bonds.

It allocates 5% to Index-linked gilts, approximately 9% in UK property, 0.7% to cash and 28% in unit trusts.

The management team includes Insight Investment, Merrill Lynch Investment, Barclays Global Investors and Lazard Investment Management.

In June Charlie Metcalfe, deputy chief executive of Hermes Pensions Management, the scheme’s asset manager, said the fund may allocate a “single figure” percentage of its assets to commodities from its equity portfolio by the end of the year.

He told IPE that if everything ran smoothly the commodities investment could take place within the next three to five months.