UK - The £1.3bn Shipbuilding Industries Pension Scheme (SIPS) has dropped Aon Consulting and appointed Hymans Robertson to provide actuarial strategic investment and related consultancy services.
Confirming Aon had been replaced, SIPS trustee secretary Martin Boulton said: “It’s essentially a scheme actuary appointment. The reason for the change is that a review was coming out as part of the scheme’s overall governance process.”
MD of the trustee company Roger Buttery said the trustee’s review was initiated for governance reasons.
SIPS is an industry-wide pension scheme, for employers connected with the shipbuilding and related industries. The pension scheme remains predominantly a final salary arrangement, and covers 7000 active, 8000 deferred and 9000 pensioner members located around the country.
By Damian Clarkson
This week's edition of Professional Pensions is out now.
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The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.