Deutsche Bank is to retain trusteeship for global engineering firm Fluor Corporation's defined contribution and defined benefit schemes.
In addition to the trusteeship, Deutsche has also been awarded the investment manager mandate for four newly added index fund options.
Commenting on Fluor’s decision to keep Deutsche as trustees of its schemes, Lisa Higa, senior director of trust investments said: “When the decision was made to re-bid our trust services for our US domestic and global assets, we did want to see what the marketplace had to offer - it’s prudent to do this as a plan sponsor.
“But the real impetus for the search was the changes we were challenged with internally, including outsourcing our plan recordkeeping and moving to daily valuation of our funds. Our decision was based primarily on the past service Deutsche Bank provided, but their ability to deliver a personalised service based on our new requirements was equally impressive.”
By Janet Du Chenne
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives.
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.