UK - High street retailer Marks & Spencer has selected Threadneedle Investments to provide investment and administration services for the new Marks & Spencer defined contribution plan.
The plan will go live for new employees from April 2003. Staff who joined M&S before April 2002 will remain in M&S’s non-contributory final salary scheme.
Threadneedle will be offering active, passive and specialist active funds through its multi-manager product and the administration will be provided by Threadneedle's partner, DC Solutions, the specialist DC administration division of Scottish Life.
Head of DC pensions at Threadneedle, Emma Douglas, said: “We are very excited about working with Marks & Spencer on what will undoubtedly prove to be one of the largest DC plans in the UK market.
“Marks & Spencer has a reputation for quality throughout their product range and organisation, so we look forward to providing their employees with the highest standards in DC investment, administration and communications.”
Threadneedle's DC product was launched in April 2001. Since the group’s formation in 1994, it manages some £43bn for both institutional and retail clients.
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