UK - Employee benefits firm Gissings has been appointed by the University of Reading Employees' Pension Fund to provide pensions administration, accounting and pension payment services with effect from April 2002.
The University’s pension fund is a defined benefit fund with 889 active members, 331 deferred and 464 retired members. The fund value as of July 2000 was £55m.
David Savage, director of finance at the University of Reading said: After an exhaustive selection process, Gissings came out on top due to the quality of their administration offering and our confidence in their ability to manage the outsourcing of pensions administration, a process which is new to the University.
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".