UK - The £283.8m Audit Commission Pension Scheme has re-appointed Aon Consulting as its investment consultant.
Aon, which has provided investment consulting services for the pension scheme for the past twenty years, was retained following a competitive tendering process.
Oliver Rowlands, client relationship manager at Aon Consulting said: The Audit Commission is a public sector organisation and therefore it must invite tenders every three to five years for any outsourced services. Two years ago we re-tendered for, and won, their actuarial advice and we're delighted to be in a position to continue providing investment advice in relation to their pension scheme.
Our global research unit was definitely one key factor which differentiated us from our competitors, allowing us to demonstrate the capabilities of our investment consulting practice outside the UK. Ultimately however, I think that the strength and duration of the client relationship provided us with the biggest competitive advantage - we've worked together for a long period and during that time have taken the lead on many issues that have come our way.
Paul Punter, pensions manager at the Audit Commission added: We have been very happy in our relationship with Aon Consulting over the past two decades, although we did take the opportunity to invite new bids very seriously and assess what else was on offer. The pitch was a useful exercise for us, it confirmed to our trustees that Aon Consulting is still the right choice for us.
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.