The giant UK Mineworkers Pension Scheme has retained JP Morgan Worldwide Securities Services (WSS) as custodian to the 10.5 billion scheme. In a separate but related review, the British Coal Staff Superannuation Scheme also agreed to retain the American bank as custodian to their 8.0 billion scheme.
“We are delighted to continue our relationship with JP Morgan Worldwide Securities Services for The Mineworkers Pension Scheme and for The British Coal Staff Superannuation Scheme,” says David Morgan, CEO of the two schemes. “We think JP Morgan provides us with high quality of service and great value.”
Richard Warne, head of relationship management at JP Morgan Worldwide Securities Services in Europe, Middle East and Africa, says the reappointments “reaffirm our market position as the leading provider of custody services in the UK pension sector.”
The Mineworkers Pension Scheme has assets of 14 billion, providing pensions to 290,000 former industrial employees of British Coal. Consultants Thomas Murray Limited assisted in the review.
The British Coal Staff Superannuation Scheme has assets of 11 billion providing pensions to 67,000 former managerial and clerical staff of British Coal. Thomas Murray Limited also assisted in this review.