Marks And Spencer Pension Trust Limited

What Marks And Spencer Pension Trust Limited does

Marks and Spencer Pension Trust Limited is the corporate trustee of the M&S Pension Scheme, a defined benefit occupational pension arrangement sponsored by Marks and Spencer Group plc. Established under the Scheme (which closed to new members on 1 April 2002) and headquartered in London with operations in Sheffield, the Trust administers retirement income, survivor benefits, tax-free cash options, and pension transfer rights for approximately 110,000 members and beneficiaries, with assets under stewardship of over £11 billion and a £288m surplus at a 105% funding level as at 31 March 2024.

The Trust's operational backbone is the Hartlink Online member portal, which provides 24/7 self-service access to pension accounts, retirement estimates, payslips, P60s, and interactive planning tools such as the Budget Planner and Retirement Illustrator. Day-to-day administration is outsourced to M&S Colleague Services and Capita Pension Solutions, while a wider adviser ecosystem — including Aon and LCP for investment advice, WTW as Scheme Actuary, KPMG as auditor, Northern Trust as custodian, Linklaters as legal adviser, and Law Debenture as Independent Trustee — supports governance and risk management. The Scheme has materially de-risked through £1.4bn of bulk annuity buy-ins with Aviva, Pension Insurance Corporation, and Phoenix Life between 2018 and 2020, and has committed to net zero by 2040 via a dedicated ESG Committee and renewable energy investments such as Greencoat Solar II LP.

The entity is a non-commercial trust rather than a revenue-generating enterprise; it has no disclosed pricing model and is funded through employer contributions, investment returns, and member AVCs (administered by Legal & General). Its strategic agenda is dominated by regulatory compliance (GMP equalisation, RPI/CPIH reform litigation), continued de-risking, ESG integration, and digital member engagement rather than commercial expansion.

Name

Marks And Spencer Pension Trust Limited

Legal name

Marks and Spencer Pension Trust Limited

Website

https://mandspensionscheme.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Marks and Spencer Pension Trust Limited is the corporate trustee of the M&S Pension Scheme, administering a closed defined benefit pension arrangement for approximately 110,000 former and current M&S employees, managing over £11bn in assets with a £288m surplus as at March 2024.

Ownership category

akta.pro rank

Product category

Defined Benefit Occupational Pension Scheme

NAICS

Pension Funds (52511), Insurance and Employee Benefit Funds (5251), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA)

akta.pro secondary industries

Employee Benefit & Retirement Plan Trust Services (FSAAANAC), Pensions & Retirement Benefits Administration (BPAIAKAA)

Keywords

• Defined benefit pensions
• Occupational pension scheme
• Pension scheme administration
• Pension fund management
• Pension trustee services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Distribution channels3 records

Marketing channels4 records

Core offering

Marks And Spencer Pension Trust Limited operates and administers the M&S Pension Scheme, a defined benefit occupational pension arrangement for former and current Marks and Spencer employees who joined before 1 April 2002. The Trust delivers guaranteed lifetime pension payments, annual increases linked to the Retail Price Index, tax-free cash options, pension transfer options, ill-health retirement, death benefits, and Additional Voluntary Contributions, supported by an online member portal (Hartlink Online), a Budget Planner Tool, and a Retirement Illustrator. The Scheme also maintains bulk annuity buy-in policies with Aviva, Pension Insurance Corporation and Phoenix Life to safeguard member benefits.

Product overview

The M&S Pension Scheme is a defined benefit (DB) occupational pension scheme for M&S employees, closed to new members from 1 April 2002. The core offering is the M&S Pension Scheme Portal (built on Hartlink Online infrastructure) which provides members 24/7 access to view pension accounts, retirement estimates, payslips, P60s, and manage pension options. The Scheme offers multiple retirement options including Full Pension, Tax-Free Cash, One-Off Taxable Lump Sum, and Pension Transfer. Supporting tools include the Budget Planner Tool for retirement income planning and Retirement Illustrator for estimates. Additional services include AVCs (administered by Legal & General), Ill-Health Retirement provisions, Death Benefits, and ESG-focused Sustainable Investments with a net zero by 2040 target. For employees joining after April 2002, the separate M&S Pension Saving Plan (defined contribution) is available. The Scheme maintains buy-in insurance policies with Aviva, Pension Insurance Corporation, and Phoenix Life to reduce longevity and investment risks.

Differentiator

Problem solved

Functional benefit

Products and services

• M&S Pension Scheme Portal Online member portal (Hartlink Online) providing 24/7 access for scheme members to view pension accounts, retirement estimates, payslips, P60s, update personal details and submit enquiries.
• Budget Planner Tool Interactive online tool helping members estimate how much income they may need in retirement, with default figures based on State Pension and average UK household costs for over 65s.
• M&S Defined Benefit Pension (Full Pension) Monthly defined benefit pension payments for life, with the amount based on benefits built up in the M&S Pension Scheme, including RPI-linked annual increases for pensions in payment.
• M&S Pension Saving Plan Defined contribution pension arrangement for M&S employees who joined after 1 April 2002, operated separately from the main defined benefit Scheme.
• Additional Voluntary Contributions (AVCs) Optional extra contributions that members can make to increase their pension benefits, administered through Legal & General within the M&S AVC Scheme.
• Death Benefits Provisions for lump sum payments and/or survivor pensions to beneficiaries following the death of a Scheme member.
• M&S Alumni Network Network for former M&S colleagues to stay connected, access M&S updates, and share stories with nearly 10,000 alumni.

Quantifiable outcome

• Surplus of £288m and funding level of 105% as at 31 March 2024
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

18 partnerships are on record, tiered core and minor.

• AoncoreTechnology or IntegrationProvides investment advisory services to the M&S Pension Scheme, helping the Trustee monitor investment performance and manage investment managers.
• Aviva Life & PensionscoreOthersOne of three UK-regulated insurance companies providing bulk annuity (buy-in) policies to transfer some risks linked to pension payments. Buy-ins completed in 2018, 2019, and 2020.
• Capita Pension SolutionscoreTechnology or IntegrationPrimary administration service provider supporting M&S Colleague Services with day-to-day member administration, including maintaining member records, calculating benefits, and processing payments.
• EYcoreTechnology or IntegrationProvides covenant and valuation advisory services, advising the Trustee on various aspects of funding the Scheme.
• Hargreaves LansdownminorChannel Partner/ Reseller/ DistributorAnnuity broker providing services to members who may wish to explore annuity options.
• KPMGcoreTechnology or IntegrationScheme auditor reporting on financial statements in the Annual Report and Accounts and completing annual audits.
• Law DebenturecoreStrategic or Co-development PartnerIndependent Trustee provider acting as the corporate trustee for the M&S Pension Scheme. Representatives from Law Debenture serve on the Trustee Board as Independent Trustee Directors.
• LCP (Lane Clark & Peacock)coreTechnology or IntegrationProvides investment advisory services to the Trustee alongside Aon.
• Legal & GeneralcoreTechnology or IntegrationProvides administration services for Additional Voluntary Contributions (AVCs) in the M&S AVC Scheme.
• LinklaterscoreTechnology or IntegrationProvides legal advisory services to the Trustee on all legal, legislative, and regulatory matters relating to the management of the Scheme.
• M&S Colleague ServicescoreImplementation/ SI/ Consulting PartnerAppointed by the Trustee to provide administration services to members, supported by Capita. Responsible for maintaining member records, calculating benefits, and payment processing.
• Northern TrustcoreTechnology or IntegrationProvides custodian services for the Scheme's assets.
• Pension Insurance CorporationcoreOthersOne of three UK-regulated insurance companies providing bulk annuity (buy-in) policies. Buy-ins completed in 2018, 2019, and 2020.
• Phoenix LifecoreOthersOne of three UK-regulated insurance companies providing bulk annuity (buy-in) policies. Buy-ins completed in 2018, 2019, and 2020.
• WTW (Willis Towers Watson)coreTechnology or IntegrationScheme Actuary and actuarial adviser, completing the actuarial valuation every three years and providing ongoing actuarial advice.
• Marks and Spencer Group plccoreOthersThe sponsoring employer with legal duty to provide funds to ensure the Scheme can pay benefits due. Nominates Company-Nominated Trustee Directors and works with the Trustee on certain decisions.
• Hymans RobertsoncoreTechnology or IntegrationCompany's investment and actuarial adviser providing advice to Marks and Spencer Group plc on pension-related matters.
• Simon LeecoreOthersLeads the Trustee Executive Team supporting the day-to-day management of the Scheme on behalf of the Trustee.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• BT Pension Scheme Trustees: Operates one of the UK's largest corporate defined benefit pension schemes (BTPS) covering former BT employees. Closely comparable in scale, DB structure, and member profile, with similar de-risking and bulk annuity strategies.
• Tesco Pension Trustees: Operates the defined benefit pension scheme for Tesco plc employees. Highly comparable as another large UK retailer-sponsored DB scheme with similar membership and de-risking profile.
• Rolls-Royce Pension Trust: Trustee of the Rolls-Royce UK defined benefit pension scheme. Comparable in scale, governance structure, and use of bulk annuity buy-ins to transfer longevity risk.
• BAE Systems Pension Scheme: Operates the pension scheme for BAE Systems employees, including legacy DB arrangements. Comparable as a large UK corporate DB scheme with significant member base and asset scale.
• National Grid UK Pension Scheme: Operates a major corporate DB pension scheme for National Grid employees. Similar in being a large UK corporate sponsor scheme with multi-billion AUM and active de-risking.
• Royal Mail Pension Plan: Trustee of the Royal Mail defined benefit pension scheme. Comparable large UK corporate DB scheme with active de-risking and corporate sponsor backing.

Broad incumbents

• Pension Insurance Corporation: UK bulk annuity specialist and one of the Scheme's buy-in counterparties. Operates at much larger scale in the broader DB de-risking market and serves as both partner and adjacent market participant.
• Aviva Life & Pensions: Major UK life insurer and another buy-in counterparty to the Scheme. Operates across life, pensions, and bulk annuities at significantly larger scale.

Others

• Capita Pension Solutions: Provides third-party pension administration services to the Scheme (member records, benefit calculations, payments). Comparable as an enabling administrator for UK DB schemes rather than a competing trust.
• WTW (Willis Towers Watson): Global actuarial and pension advisory firm acting as Scheme Actuary to the M&S Scheme. Relevant as an enabling advisor with deep involvement across the UK DB scheme landscape.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/marks-and-spencer-pension-trust-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marks And Spencer Pension Trust Limited