UK - IBM UK Pension Trust has dropped Aon Consulting as actuarial and investment adviser after more than 30 years.
The decision – which will see Watson Wyatt take over the role – follows the announcement that Aon scheme actuary, Stephen Gooch, is retiring.
IBM UK Pensions Trust chairman Jim Lamb insisted there had not been any fallout with Aon.
He said: “It is not easy to replace such an excellent partner. However, the trustees felt this change was in the best interests of the fund and its members.
“Watson Wyatt has the skills and resources needed to provide the trustees with the investment advice and actuarial services required in an increasingly complex environment.”
Senior Watson Wyatt partner Greg Alexander has been appointed scheme actuary.
The scheme is the 29th largest in the UK with net assets of around £3.8bn.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.
An independent expert panel will be commissioned to review how the £6.1bn funding deficit figure for the Universities Superannuation Scheme (USS) was reached, Universities UK (UUK) has announced.
Responses to the Professional Trustee Standards Working Group's consultation have flooded in. While the industry mostly welcome the proposals, there is disagreement on some areas, writes Kim Kaveh.