Opportunity to borrow funds towards the purchase and development of the property.
Any gain on the value of the property when sold should be free from capital gains tax.
The property is owned outside of a business so it's protected from creditors in the event of insolvency.
Open market rent is paid to the pension scheme and all rent from tenants is received gross and free from income tax.
Rental income payable by the tenants can be treated by them as a business expense for tax purposes and can reduce the income and corporation tax liability of the tenant.
The property is outside the member's estate for inheritance tax purposes.