The £8bn British Coal Staff Superannuation Scheme (BCSSS),which serves around 39,000 members, has appointed BlackRock as its fiduciary manager.

Under the appointment, BlackRock will manage the scheme’s investments within parameters set and overseen by the trustees, who will retain full control of investment strategy and risk.

The appointment follows a competitive selection process, during which the trustees reviewed the scheme’s current and future investment needs.

BCSSS trustee board chair, Cheryl Agius, said: “The trustees are delighted to appoint BlackRock as the scheme’s fiduciary manager and look forward to working closely with the team.

“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.

“Our priority remains protecting members’ benefits and ensuring the scheme continues to be managed in the best possible way with their interests in mind.”

The trustees said the scheme has been maturing over many years, with a growing proportion of members now retired and drawing their pensions.

As a result, the scheme needs to balance paying pensions from investment income, maintaining stable funding, and ensuring assets continue to grow over the long term.

BlackRock will advise the trustees on investment strategy and manage the scheme’s investments on a day-to-day basis, working within boundaries set by the trustees.

The trustees will continue to oversee BlackRock’s performance against agreed objectives on an ongoing basis.

BlackRock head of UK and Europe client business, Sarah Melvin, said: “We are extremely proud to be appointed by the trustees of the BCSSS to manage the scheme’s investments.

“Working closely with the trustees, our focus will be on supporting the long-term security, stability and reliability of members’ retirement income over the years ahead.

“We are honoured and excited to bring our investment and retirement expertise to support the scheme and its many thousands of individual pensioners across the UK.”

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