US - AGL Resources - a natural-gas only distributor - has hired Amvescap's Invesco Retirement unit as administrator to its $129m defined contribution plan.
The plan covers more than 2,200 participants, mainly in Georgia, Tennessee and Virginia.
Atlanta-based AGL picked Invesco to replace Northern Trust, although Northern Trust continues to act as pension actuary to the company.
According to Tom Atwood, benefits director, AGL began a search for a new administrator as its workers sought more 401(k) plan services.
AGL chose Atlanta-based Invesco because of “the flexibility they offer and the client service commitments from their team”, added Atwood.
The ability to utilise Invesco and AIM funds made this an easy decision, he added. The conversion is expected to be completed by October, 2001. In addition to AGL company stock, plan participants will be able to select from five AIM and Invesco funds and four additional outside funds.
By Madhu Kalia
Pension Insurance Corporation (PIC) has agreed to a 30 year debt investment in Phoenix Community Housing, a not-for-profit, resident-led housing association in London.
Royal London has announced plans to allow customers with guaranteed annuity rates (GARs) to convert their guarantees into a top-up for their pension pot, subject to High Court approval.
The Salvus Master Trust will welcome another 1,200 members and 20 employers as it absorbs the £7m Complete Master Trust.
Aon has appointed Emma Adair to lead client service for its UK investment team.