UK - Muntons Retirement Benefit Scheme has chosen HSBC Actuaries and Consultants to take over administration and consultancy services from Gissings.
The Suffolk-based malt manufacturer’s £19.5m final salary scheme has 240 active, 79 deferred and 137 pensioner members.
Managing director Gerald Prior said: “Like many other defined benefit schemes, the Muntons scheme has moved from being over to under-funded in recent years. To ensure that all promised pension benefits are protected, Muntons closed the scheme for future accrual and set up a defined contribution scheme for future service.
“We were keen that the administration and, particularly, the investment advice we receive in respect of the closed DB scheme should reflect the company’s ambition of being world-class in all we do.
“After an extensive review of the market, the trustees are very pleased to say HSBC Actuaries and Consultants meets all their criteria.”
HACL director of marketing Simon Hazeldine added: “One of our first tasks is to provide the trustees with a full investment review to ensure the scheme’s asset allocation takes account of the liability profile following recent changes to the scheme and movements in the market.”
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