GERMANY/UK - Law firm Wragge & Co has been appointed by two Celesio sponsored company pension funds to advise trustees.
Peter Smerdon, chairman of both trustee boards, said: "The Wragge & Co team has already shown its commitment to building a relationship with the trustees and other advisers, and we look forward to a successful partnership."
The Lloyds' Pharmacy pension scheme is defined benefit with the other a defined contribution plan. The funds have a combined £255m (US$502.5m) in assets under management.
Celesio, a listed German company which operates in 16 countries with 37,000 staff, generated €21.6bn (US$31.5bn) in revenue in 2006.
Over the past six months Wragge & Co has won mandates from large company pension funds including HJ Heinz, AT&T and Philips.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.