Pensions regulation has taken a backseat to Brexit but this has not stopped the industry from moving ahead with changes

Key points

  • The focus on Brexit has meant that legislators have neglected many other areas of political importance, including pensions
  • The government is being urged to build on the success of auto-enrolment
  • Industry leaders are active as ever, including calling for a ‘superfund’ solution for underfunded defined benefit schemes
  • Local authority schemes have come under pressure from politicians and protestors to adopt the goal of a shift to a zero-carbon economy

“This government is committed to legislating when parliamentary time allows.” This has become a familiar refrain in answers to parliamentary questions and in consultation documents over the past year.

With Brexit Day – 31 October 2019 at the time of writing – looming large in the minds of most within the UK’s financial services sector, it is little surprise that most aspects of regular political and legislative activity have fallen by the wayside. 

For the UK’s pensions and retirement sector, that means the long-awaited Pensions Bill 2019 remains unpublished. This means no confirmed framework for the emerging commercial defined benefit (DB) consolidator vehicles, no rules requiring compliance with the planned pension dashboard, and no formal new powers for the Pensions Regulator (TPR) to tighten funding requirements and improve governance standards.

The promise of collective defined contribution schemes – a new concept for the UK – emerged last year after fruitful negotiations between Royal Mail and the Communication Workers’ Union, and a framework is expected in the Pensions Bill. As of June, however, a written question to the Department of Work and Pensions (DWP) received the “when parliamentary time allows” response. Royal London’s pension specialist Helen Morrissey has called on the government to devote time to the Pensions Bill.

Guy Opperman, the UK’s pensions and financial inclusion minister, retained his role during the latest reshuffle of ministerial positions – much to the relief of the pensions sector, which has been used to a ‘revolving door’ of ministers in recent years. He has been vocal in his support for auto-enrolment, regularly trumpeting the fact that 10m people have been brought into a workplace pension scheme since the regime was introduced in 2012.

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Gregg McClymont, director of policy at £7bn (€7.7bn) master trust The People’s Pension and a former pensions spokesman for the opposition Labour Party, is urging the government to build on auto-enrolment and expand its coverage.

The People’s Pension calculates that reducing the auto-enrolment age limit to 18 and calculating contributions from the first pound earned would boost savings by £4bn.

McClymont also highlights the importance of progressing development on the dashboard concept, which has received widespread industry support. In its response to a consultation on the topic, the government said it was “committed” to forcing schemes to report data to dashboard providers – “subject to securing parliamentary time”.

A lack of legislation has not meant a lack of activity elsewhere – in fact, industry leaders are as busy as ever.

The Pensions Bill’s contents have already been well signposted, with some elements having been subject to consultation earlier this year or in 2018. For Nigel Peaple, director of policy and research at the Pensions and Lifetime Savings Association (PLSA), a delay getting the bill to parliament has meant more time for the trade body and its members to prepare.

“There is lots of policy development from within government and the regulator that has not fully emerged into the light, which is keeping us busy,” Peaple says. “We’ve also got our own proactive agenda… so, hopefully, we’ll have the ability to put in a good response and influence discussions appropriately.”

Although there is no official framework for commercial consolidators such as the Pension SuperFund and Clara-Pension, it has not stopped them from pushing forward with their plans to bring in DB schemes in an effort to improve funding levels and offer better benefits than the Pension Protection Fund. 

The Pension SuperFund has announced two deals with unnamed schemes that are at an advanced stage. The first is currently with TPR awaiting approval, and it announced in July that it had signed an exclusivity agreement for a second deal worth £300m. 

The PLSA – which has been calling for a “superfund” solution for underfunded DB schemes since 2017 – has been participating in roundtable discussions with DWP and the UK Treasury regarding the rulebook, Peaple says, as have the consolidator funds.

Arguably the biggest topic for the PLSA and pension fund trustees is governance. 

“We’re dealing with stuff that’s further down the pipeline, which will affect schemes directly in a year, or two or three years,” Peaple says of the PLSA’s to-do list. “[Trustees] are all at the coalface, and they’re dealing with effective governance and good administration.”

Climate challenge for local authority schemes

The Local Government Pension Scheme (LGPS) includes 100 member funds and £330bn (€357bn) in assets across the UK. Multiple consolidation moves could see this shrink, with schemes in Scotland and England’s West Midlands considering merger options. The pooling of assets among English and Welsh LGPS funds is advancing at a pace as the pooling entities have become established and local councillors have become more comfortable with the new way of investing.

However, the nature of LGPS funds – in particular their scale and taxpayer-funded status – has meant many have been targeted by climate change activists in recent months. In July, representatives of Fossil Free Greater Manchester and Extinction Rebellion, a UK environmental movement, protested outside the offices of the £23.8bn Greater Manchester Pension Fund (GMPF), calling for it to divest from all fossil fuel companies.

Earlier in the year, activists from Extinction Rebellion gained entry to an LGPS conference and disrupted a speech by local government minister Rishi Sunak. They also called for immediate divestment from fossil fuels, calling them “worthless zero assets”.

LGPS funds and pooling companies have been actively investing in renewable energy assets and assessing their exposure to carbon-intensive companies and industries. The £8.9bn Merseyside Pension Fund has invested in a number of ESG-themed funds and set targets to reduce climate change risk in its portfolio. Pools including the London CIV and LGPS Central have set up sustainable investment strategies for their clients, and there is growing demand for more.

GMPF has also engaged with campaign groups, posting on Twitter shortly before July’s protest: “While we might disagree on [the] best way to get there, we share [the] same goal of a zero-carbon economy as quickly as possible. We’re also committed to a ‘just transition’ ensuring interests of workers and communities are properly taken into account.”

In addition, while the government has resisted calls for intervention into LGPS investment strategies, pensions minister Guy Opperman stated in May that “trustees who do not consider those matters will be breaching their statutory and potentially their fiduciary duties not only to current but future members”.

TPR has issued multiple guidance papers in recent months setting out expectations and actions for trustees in anticipation of new powers later down the line, and is increasing its proactive work – in part as a response to criticism from politicians about a failure to anticipate recent high-profile pension fund problems such as BHS, British Steel and Carillion.

New TPR chief executive Charles Counsell, in his inaugural public speech earlier this year, highlighted an increase in proactive supervisory work and one-to-one supervision, while the regulator has already begun site visits of local authority schemes.

“I think that could have quite a big impact,” Peaple says. “It’s not that extensive, but it is a change of approach where they want to be more on the front foot in terms of their relationships [with schemes]. I wouldn’t say it’s a radical change; it’s more an evolution of what TPR has been doing over the last few years.”

In a recent survey, consultancy XPS Pensions highlighted that many pension funds were struggling to meet the regulator’s guidelines. Only a third of schemes surveyed by XPS said trustee board decisions were made quickly and one in five said they regularly ran out of time at meetings to discuss all issues.

Wes Jones, head of pensions for XPS’s Manchester office, says that while the legislation required to enshrine new powers into law has yet to arrive, the regulator has been making sure standards are  embedded in the industry and trustees and other stakeholders are living up to them.

“The regulator’s latest funding statement sets out a clear direction of travel,” he says. “There was a lot of detail about classifying schemes by covenant strength, funding strength, maturity, recovery plans… It has been quite direct about what trustees should be focusing on.”

Whatever the UK’s future holds beyond 31 October, the pace of change in the pensions sector shows no signs of slowing down.

UK pension assets

UK pension assets
 Pension fund/entityAssets (€’000s)
1 Universities Superannuation Scheme Ltd. 78,213,000
2 BT Group plc 62,028,179
3 Royal Bank of Scotland Group (RBS) 52,959,600
4 Lloyds Banking Group 49,538,600
5 Rothesay Life 42,107,884
6 Pension Protection Fund (PPF) 35,617,200
7 Pension Insurance Corporation 34,976,460
8 Railways Pension Trustee Company Ltd. 34,141,500
9 Barclays Bank plc 32,343,200
10 HSBC Bank (UK) Ltd. 30,294,510
11 BP plc 28,008,280
12 Greater Manchester Pension Fund (LGPS) 27,614,600
13 British Airways plc 27,600,000
14 Strathclyde Pension Fund (LGPS) 25,420,800
15 BAE Systems plc 23,665,919
16 Coal Pension Trustees Ltd. 23,607,700
17 National Grid plc 21,533,700
18 British Broadcasting Corporation (BBC) 19,972,832
19 Aviva plc 19,002,020
20 West Midlands Pension Fund (LGPS) 18,836,989
21 Shell UK 17,611,539
22 Tesco plc 17,343,713
23 West Yorkshire Pension Fund (LGPS) 16,695,024
24 Ford Motor Company Ltd. 14,700,708
25 Rolls-Royce Group plc 14,227,845
26 GlaxoSmithKline plc 14,013,976
27 Santander UK plc 13,988,306
28 Royal Mail Group 13,600,100
29 Transport for London 12,703,400
30 ICI Pension Fund (Akzo Nobel) 12,477,000
31 British Steel Pension Scheme 12,294,800
32 Marks & Spencer Group plc 11,884,782
33 J. Sainsbury plc 11,564,707
34 TPT Retirement Solutions (The Pensions Trust) 11,478,801
35 Co-operative Group Ltd. 11,466,750
36 IBM UK Holdings 10,430,154
37 Unilever plc 10,329,000
38 Merseyside Pension Fund (LGPS) 10,324,939
39 Tyne & Wear Pension Fund (LGPS) 10,214,892
40 South Yorkshire Pension Fund (LGPS) 9,780,562
41 Lancashire County Pension Fund (LGPS) 9,775,564
42 Centrica plc 9,453,669
43 Prudential plc 9,449,214
44 NILGOSC 9,298,880
45 Lothian Pension Fund (LGPS) 9,286,130
46 EDF Energy 9,088,310
47 Jaguar Land Rover Ltd. 8,947,167
48 RSA Insurance Group plc 8,734,090
49 Hampshire Pension Fund (LGPS) 8,347,931
50 Essex Pension Fund (LGPS) 8,168,238
51 BMW (UK) Ltd. 8,167,000
52 The People’s Pension 7,818,440
53 Diageo plc 7,672,651
54 Walgreens Boots Alliance 7,479,927
55 Western Power Distribution 7,403,314
56 Zurich UK General Services Ltd. 7,341,425
57 Kent Pension Fund (LGPS) 7,061,100
58 London Pensions Fund Authority (LGPS) 6,750,200
59 Nationwide Building Society 6,620,862
60 John Lewis Partnership plc 6,502,447
61 Cheshire Pension Fund (LGPS) 6,370,803
62 Legal & General Mastertrust 6,349,230
63 Nottinghamshire Pension Fund (LGPS) 6,284,881
64 Fujitsu Services Ltd. 6,037,803
65 Standard Life DC Master Trust 6,031,368
66 Invensys plc (Schneider Electric) 6,009,000
67 Esso Petroleum Company Ltd. 6,000,473
68 Staffordshire Pension Fund (LGPS) 5,964,650
69 AXA UK plc 5,957,137
70 NEST 5,949,315
71 FirstGroup plc 5,919,500
72 East Riding Pension Fund (LGPS) 5,873,638
73 Premier Foods plc 5,859,108
74 Siemens plc 5,786,000
75 Vodafone Group plc 5,754,000
76 Derbyshire Pension Fund (LGPS) 5,728,792
77 Hertfordshire Pension Fund (LGPS) 5,620,015
78 Avon Pension Fund (LGPS) 5,601,454
79 Effem Holdings Ltd (Mars UK) 5,566,413
80 NATS Ltd. 5,541,784
81 Nestlé UK Ltd. 5,503,149
82 Wm Morrison Supermarkets plc 5,502,801
83 North East Scotland Pension Fund (LGPS) 5,294,496
84 AstraZeneca plc 5,228,038
85 DB Group Services (UK) Ltd. 5,201,460
86 Bank of England 5,096,133
87 West Sussex Pension Fund (LGPS) 5,084,303
88 SSE plc 5,032,554
89 Surrey Pension Fund (LGPS) 5,016,255
90 Imperial Brands Plc. 5,004,923
91 Leicestershire County Council PF (LGPS) 5,003,960
92 Devon County Council Pension Fund (LGPS) 5,000,821
93 DHL Group Retirement Plan 4,914,000
94 Scottish Power Ltd. 4,894,410
95 EON 4,880,000
96 Mondelez UK 4,853,721
97 Innogy Renewables (RWE) 4,829,424
98 Heathrow Airport Holdings Ltd (BAA Pension Scheme) 4,772,599
99 Babcock International Group plc 4,771,139
100 Pernod Ricard UK (Allied Domecq) 4,771,000
101 Teesside Pension Fund (LGPS) 4,747,054
102 Standard Life Aberdeen 4,735,189
103 Smiths Group plc 4,695,286
104 Environment Agency PF (EAPF) (LGPS) 4,639,617
105 Telent Technology Services Ltd. 4,615,124
106 Saint-Gobain Ltd 4,605,000
107 Marsh & McLennan Companies UK 4,571,100
108 Aon plc 4,561,112
109 United Utilities plc 4,543,781
110 Tayside Pension Fund (LGPS) 4,525,208
111 Phoenix Group Holdings 4,478,992
112 British American Tobacco plc 4,473,422
113 Clydesdale Bank plc 4,441,588
114 Norfolk Pension Fund (LGPS) 4,427,652
115 ITV plc 4,291,207
116 East Sussex Pension Fund (LGPS) 4,222,695
117 SAUL 4,178,760
118 Associated British Foods plc 4,173,756
119 North Yorkshire Pension Fund (LGPS) 4,157,762
120 Lafarge UK 4,115,563
121 Rhondda Cynon Taf Pension Fund (LGPS) 4,020,179
122 Bank of America Merrill Lynch (UK) 3,922,191
123 UK Power Networks Holdings Pension Scheme 3,906,285
124 Balfour Beatty plc 3,884,169
125 Willis Towers Watson 3,842,682
126 RELX plc 3,801,741
127 BOC UK 3,787,687
128 Magnox Group 3,778,956
129 Merchant Navy Officers Pension Funds 3,763,153
130 Cambridgeshire Pension Fund (LGPS) 3,710,944
131 Kingfisher plc 3,626,403
132 Hewlett-Packard Ltd. UK 3,625,140
133 Chevron Energy 3,615,717
134 Pearson plc 3,609,036
135 Total UK Pension Fund 3,570,350
136 John Wood Group 3,536,105
137 Dorset County Pension Fund (LGPS) 3,521,895
138 Buckinghamshire County Council PF (LGPS) 3,495,244
139 Anglo American 3,475,174
140 Rio Tinto plc 3,457,628
141 Heineken UK (Scottish & Newcastle Pension Plan) 3,444,758
142 Durham County Council PF (LGPS) 3,411,329
143 Greater Gwent (Torfaen) PF (LGPS) 3,404,525
144 Suffolk County Council PF (LGPS) 3,402,310
145 Pfizer Ltd. 3,359,457
146 Thales UK Ltd. 3,340,500
147 Xerox Ltd. 3,256,066
148 Worcestershire Pension Fund (LGPS) 3,249,145
149 Combined Nuclear Pension Plan 3,239,104
150 Hanson UK 3,227,300
151 Bombardier Transportation UK Ltd. 3,186,231
152 Daily Mail & General Trust plc 3,185,196
153 Co-operative Bank 3,172,723
154 Cumbria Pension Fund (LGPS) 3,141,580
155 Melrose 3,108,895
156 Go-Ahead Group 3,080,018
157 Wiltshire Pension Fund (LGPS) 3,045,290
158 Fife Council Pension Fund (LGPS) 3,036,319
159 Church of England 3,010,340
160 Dyfed County Council Pension Fund (LGPS) 2,993,077
161 Whitbread Group Pension Fund 2,943,603
162 PricewaterhouseCoopers (PWC) LLP 2,928,079
163 Northamptonshire Pension Fund (LGPS) 2,917,288
164 Oxfordshire Pension Fund (LGPS) 2,906,382
165 Falkirk Council Pension Fund (LGPS) 2,894,484
166 States of Jersey Treasury 2,873,051
167 ASDA Group Ltd. 2,869,581
168 Mitchells & Butlers plc 2,865,245
169 Carnaudmetalbox Group UK Ltd. 2,849,276
170 Sanofi UK 2,830,940
171 Royal London Group 2,821,334
172 Severn Trent 2,811,633
173 Rexam plc 2,789,043
174 Leonardo Helicopters Pension Scheme 2,786,756
175 LifeSight UK Master Trust (Willis Towers Watson) 2,784,750
176 Wandsworth Pension Fund (LGPS) 2,774,185
177 Gloucestershire Council Pension Fund (LGPS) 2,758,760
178 Lincolnshire Pension Fund (LGPS) 2,744,557
179 Compass Group plc 2,721,287
180 TUI 2,701,100
181 Thames Water Utilities 2,689,004
182 Capgemini 2,674,000
183 Bedfordshire Pension Fund (LGPS) 2,672,312
184 UBS UK 2,648,650
185 Reach (Trinity Mirror) 2,616,497
186 JP Morgan Europe (UK) 2,600,302
187 AA 2,571,283
188 Peugeot Citroen Automobiles 2,567,000
189 Civil Aviation Authority (CAA) 2,539,338
190 Cardiff Council Pension Fund (LGPS) 2,531,420
191 Somerset Pension Fund (LGPS) 2,523,019
192 Warwickshire Pension Fund (LGPS) 2,517,323
193 Berkshire Pension Fund (LGPS) 2,506,563
194 G4S 2,471,744
195 Mercer Master Trust 2,457,224
196 Johnson Matthey 2,432,819
197 UK Asset Resolution 2,430,960
198 United Biscuits 2,424,385
199 Gwynedd Pension Fund (LGPS) 2,419,274
200 BUPA 2,412,707
201 H J Heinz 2,375,994
202 Swansea Pension Fund (LGPS) 2,368,320
203 Taylor Wimpey plc 2,343,868
204 Highlands Pension Scheme (LGPS) 2,323,558
205 Coats 2,304,562
206 Plumbing & Mechanical Services Industry Pension Scheme 2,283,300
207 QinetiQ 2,282,410
208 Molson Coors Brewing Company 2,281,125
209 Shipbuilding Industries Pension Scheme 2,272,087
210 Cornwall Pension Fund (LGPS) 2,243,320
211 Shropshire Pension Fund (LGPS) 2,226,269
212 Syngenta 2,207,665
213 Anglian Water 2,195,698
214 Clwyd Pension Fund (LGPS) 2,169,147
215 Atos 2,164,000
216 Pilkington Group 2,072,513
217 CSC Computer Sciences 2,068,311
218 Japan Tobacco 1,993,368
219 Goldman Sachs International 1,962,582
220 Trafalgar House Pension Trust 1,939,411
221 Camden Pension Fund (LGPS) 1,925,497
222 Southwark Pension Fund (LGPS) 1,908,579
223 Bank of Ireland UK 1,893,000
224 Tower Hamlets Pension Fund (LGPS) 1,857,230
225 Kier Group 1,840,163
226 Reckitt Benckiser 1,813,429
227 MRC Pension Scheme 1,798,561
228 TRW LucasVarity 1,788,000
229 Kelda Group 1,783,409
230 Hackney Pension Fund (LGPS) 1,760,859
231 Michelin Tyre 1,742,300
232 BASF 1,733,000
233 CRH 1,732,000
234 Northern Powergrid Pension Fund 1,729,107
235 Shop Direct Holdings 1,720,924
236 Nissan Motor Manufacturing UK 1,707,465
237 AWE Management 1,685,108
238 Lambeth Pension Fund (LGPS) 1,673,152
239 Newham Pension Fund (LGPS) 1,669,163
240 Bayer UK 1,660,370
241 Northumberland Pension Fund (LGPS) 1,659,362
242 RWE npower 1,653,028
243 City of Westminster Pension Fund (LGPS) 1,648,612
244 Aegon Master Trust 1,646,805
245 Maersk UK 1,646,532
246 Stagecoach 1,634,472
247 Electricity North West 1,633,000
248 WS Atkins 1,612,593
249 Lewisham Pension Fund (LGPS) 1,610,168
250 Haringey Pension Fund (LGPS) 1,607,273
251 Liverpool Victoria Friendly Society 1,604,016
252 Islington Pension Fund (LGPS) 1,600,263
253 Travis Perkins 1,583,012
254 SCA Hygiene UK 1,577,808
255 Thomas Cook 1,577,785
256 Telefonica UK (O2) 1,563,916
257 Ferguson 1,558,280
258 Greenwich Pension Fund (LGPS) 1,548,809
259 NatWest Markets 1,546,093
260 P&O UK Scheme 1,528,277
261 Citigroup Global Markets 1,520,661
262 States of Guernsey Superannuation Fund 1,512,491
263 Serco 1,505,881
264 Rentokil Initial 1,489,618
265 BNP Paribas 1,489,000
266 Schlumberger Business Consulting 1,483,826
267 W H Smith 1,472,035
268 London Borough of Ealing Pension Fund (LGPS) 1,464,922
269 Alcatel-Lucent 1,459,000
270 London Borough of Croydon Pension Fund (LGPS) 1,443,417
271 NOW: Pensions 1,422,131
272 Goodyear Dunlop Tyres 1,390,147
273 Howden Joinery 1,382,416
274 Royal Borough of Kensington & Chelsea Pension Fund (LGPS) 1,377,734
275 London Borough of Enfield Pension Fund (LGPS) 1,372,607
276 Tate & Lyle 1,369,260
277 Standard Chartered 1,366,151
278 Capita 1,349,490
279 London Borough of Barnet Pension Fund (LGPS) 1,338,155
280 Wincanton 1,332,762
281 Dairy Crest 1,292,190
282 Dixons Carphone 1,285,109
283 Smith (DS) 1,282,089
284 Ulster Bank 1,269,846
285 Northern Foods 1,265,737
286 City of London Pension Fund (LGPS) 1,235,705
287 London Borough of Hillingdon (LGPS) 1,232,055
288 Northumbrian Water 1,224,895
289 London Borough of Hammersmith & Fulham Pension Fund (LGPS) 1,222,888
290 Debenhams 1,220,617
291 Legal & General 1,216,379
292 John Laing Group 1,211,923
293 London Borough of Barking & Dagenham Pension Fund (LGPS) 1,210,832
294 London Borough of Bromley Pension Scheme (LGPS) 1,207,925
295 London Borough of Hounslow (LGPS) 1,207,692
296 Northern Ireland Electricity Networks 1,179,516
297 Unite the Union 1,176,542
298 De La Rue 1,168,291
299 Rhodia Pension Fund 1,124,000
300 3i 1,119,353
301 Croda International 1,098,305
302 Pennon 1,085,644
303 Astrium (Airbus UK) 1,079,480
304 University of Cambridge 1,074,375
305 Schroders 1,059,542
306 Interserve 1,045,618
307 Next 1,034,967
308 London Borough of Waltham Forest (LGPS) 1,029,704
309 Kingston Pension Fund (LGPS) 1,014,822
310 London Borough of Bexley Pension Fund (LGPS) 1,014,232
311 Commerzbank UK 1,006,000
312 London Borough of Brent Pension Fund (LGPS) 1,004,976
313 Greene King 1,001,605
314 Experian 999,938
315 Yorkshire Building Society 993,376
316 Veolia UK 990,600
317 London Borough of Harrow Pension Scheme (LGPS) 989,554
318 Arcadia 977,765
319 Dumfries & Galloway Pension Fund (LGPS) 974,663
320 ANZ UK Staff Pension Scheme 965,032
321 Ladbrokes Coral 939,797
322 London Borough of Redbridge Pension Fund (LGPS) 933,919
323 Financial Conduct Authority 933,375
324 Costain Pension Scheme 916,873
325 Inchcape 908,942
326 Water Companies Pension Scheme 900,575
327 Hays 895,594
328 Arup UK Pension Scheme 889,373
329 Britvic 880,575
330 Provident 878,087
331 Society of Lloyd’s of London 861,045
332 London Borough of Havering Pension Fund (LGPS) 852,464
333 Scottish Borders Pension Scheme (LGPS) 851,892
334 London Borough of Merton Pension Fund (LGPS) 837,681
335 Weir Group 834,422
336 Cobham 831,415
337 Parliamentary Contributory Pension Fund 831,305
338 Cancer Research UK 824,572
339 London Borough of Sutton Pension Fund (LGPS) 782,731
340 Barnardo’s 778,301
341 Lend Lease UK Pension Scheme 777,093
342 Powys Pension Fund (LGPS) 760,849
343 Sony UK Pension Scheme 745,397
344 Meggitt 745,199
345 Janus Henderson Group 741,563
346 Smurfit Kappa 712,000
347 Pirelli General Pension and Life Assurance Fund 693,994
348 Smith & Nephew 693,987
349 Oxford University Press 693,929
350 Isle of Wight Pension Fund (LGPS) 692,560
351 Persimmon 687,054
352 Biffa 683,003
353 University of Manchester 682,681
354 London Stock Exchange 667,226
355 Connect Group 662,544
356 Informa 659,874
357 Ibstock 639,853
358 National Express Group 617,435
359 Electrocomponents 610,123
360 Vinci 608,000
361 Vesuvius 605,739
362 TT Electronics 594,711
363 Wellcome Trust Pension Scheme 590,267
364 Elementis 586,005
365 RPC Group 581,509
366 Marston’s 579,718
367 Comet Pension Fund 578,200
368 Shetland Islands Council Pension Fund (LGPS) 577,846
369 University of Leeds 554,312
370 Uniper Group of the ESPS 550,804
371 BBA Aviation 550,651
372 BHP Billiton 541,462
373 University of Liverpool 533,767
374 IMI 527,209
375 Mears Group 488,557
376 Jardine Lloyd Thompson 486,217
377 University of Edinburgh 479,381
378 Genus 478,977
379 University of Glasgow 477,550
380 Barratt Development 469,939
381 Pendragon 465,610
382 Orkney Islands Council Pension Fund (LGPS) 454,141
383 PZ Cussons 451,985
384 Morgan Advanced 448,627
385 Norcros 444,832
386 Mpac Group 443,555
387 Spirax-Sarco 431,525
388 William Hill 422,946
389 Coca-Cola HBC 398,200
390 Marshalls 382,847
391 STV Group 382,513
392 Bunzl 370,372
393 Hogg Robinson 362,775
394 Saga 358,282
395 Synthomer 355,445
396 Avon Rubber 355,058
397 Grosvenor Pension Plan 350,925
398 Man Group 349,176
399 Senior 344,863
400 John Menzies 339,740
401 Halma 339,642
402 Ultra Electronics 331,608
403 Savills 330,497
404 Drax 328,044
405 WPP 318,548
406 Fluor Limited Retirement Benefits Scheme 310,519
407 Aston Martin Lagonda 299,416
408 Network Rail Ltd. 290,590
409 Industry Wide Coal 290,255
410 TP ICAP 270,678
411 Bakkavor 267,642
412 Galliford Try 266,148
413 Places for People Group Retirement Benefit Scheme 265,815
414 Greencore 261,531
415 Grafton Group 256,944
416 Lookers 242,496
417 Essentra 233,696
418 Hiscox 232,377
419 Crest Nicholson 223,386
420 Shire 216,441
421 Clarkson 210,304
422 Rotork 200,199
423 Renewi 198,400
424 Renishaw 181,659
425 BTG 178,598
426 SIG 162,741
427 Rathbone Brothers 150,711
428 P&O Ferries 144,374
429 Redrow 142,579
430 Mondi 135,000
431 Bovis Homes 129,881
432 Spectris 126,093
433 Ashtead 124,602
434 Bodycote 123,643
435 Intertek 120,413
436 Brewin Dolphin 119,936
437 AG Barr 117,660
438 Paragon 113,901
439 Inmarsat 110,165
440 Aggreko 108,048
441 Direct Line 106,489
442 Glencore 106,334
443 Aveva 98,568
444 Victrex 96,059
445 TI Fluid Systems 92,800
446 BCA Marketplace 86,131
447 Hammerson 77,750
448 Euromoney 74,090
449 Vitec 67,837
450 Millennium & Copthorne 64,606
451 Quilter 62,378
452 Hill & Smith 61,487
453 Bellway 60,553
454 Equiniti 60,262
455 Law Debenture 60,262
456 James Fisher & Sons 59,371
457 Alrea 51,752
458 Countrywide 50,689
459 Keller Group 50,348
460 Close Brothers Group 46,536
461 International Personal Finance 46,115
462 SSP 43,877
463 Homeserve 43,589
464 Beazley 38,933
465 DCC 38,744
466 Cranswick 38,590
467 Premier Oil 36,140
468 St Modwen 35,865
469 Grainger 35,012
470 Stobart 33,652
471 Diploma 33,104
472 Zotefoams 28,572
473 Dialight 28,182
474 UDG Healthcare 27,905
475 RHI Magnesita 26,400
476 Berkeley Group 26,177
477 Investec 20,690
478 Fresnillo 16,848
479 4imprint 15,789
480 Convatec 13,618
481 Vauxhall Motors/GM UK 12,604
482 BlueSky Pension Scheme 6,407
483 Ferrexpo 3,928