Global Money Management - BBC Completes Scheme Revamp

BBC Completes Scheme Revamp

The BBC Pension Scheme, a GBP8.2 billion defined benefit fund, has completed a major overhaul of its assets, including hiring new managers, terminating equity mandates, reviewing alternatives and hiring an external investment consultant. The changes followed the completion of an investment review and the underperformance of the scheme over the first quarter of 2007 due to "very volatile equity markets," said a trustee to the scheme.

According to the scheme's Web site, the fund's performance in the year to March 31, 2007, was 5.9%; 1.5% below its benchmark. The scheme's investment strategy was reviewed and it hired David Gamble as an external investment consultant to the fund's investment committee. With over 25 years' experience Gamble is a former member of the investment committee at the National Association of Pension Funds.

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BBC Completes Scheme Revamp

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