UK - The £50m University of Leicester Pension and Assurance Scheme is looking to slash costs by appointing a single firm to provide actuarial and administrative services.
The benefit scheme currently employs Aon Consulting as its actuary and Gissings as its administrator.
However, finance director John Gorringe said the scheme was looking to cut its operating costs and that it feels employing a single consultant to provide both services will accomplish this.
Gorringe said: “We’re reasonably happy with the individual firms, but we feel it would be better this way. Cost is an issue, linked with service.”
The winning provider will be awarded a five-year contract and the scheme – which expects to shortlist five firms for the brief – will contact contenders after February 19.
The scheme expects to have its single provider in place by August 1.Gorringe added that both Gissings and Aon had been invited to apply for the combined post.
The scheme’s current fund managers are Legal & General Investment Management, SG Asset Management and Merrill Lynch Investment Managers.
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