Invesco Pensions has won the contract to run the corporate stakeholder pension scheme for fast-food giant McDonald's Restaurants.
The provider fought off competition from Schroder Pensions and Legal & General to win the contract.
The scheme will be open to those not entitled to the McDonald’s defined benefit scheme and for concurrent members.
Invesco Pensions chief executive David Butcher said the vast majority 65,000 employees nationwide will be part of the DB scheme. He said a realistic take-up expectation for the stakeholder schemes is around 1000 lives.
“This is part of Invesco Pensions' bid to boost our DC client base over the coming months. There are a number of further clients which we are nearing the completion of deals with which will, again, further boost our presence in the growing stakeholder market.
He added: “We were chosen for our investment options, our experience on communications and above all, our ability to administer a scheme with multiple locations.
Butcher said the appointment is regarded as a flagship client whose global presence will help lift the companies profile throughout the market. Invesco Pensions – which is also a guest manager on Merrill Lynch Investment Managers and Norwich Union's stakeholder platforms – is expected to confirm another new DC win next week.
Invesco Pensions was advised by Watson Wyatt.
By James Wallace
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.