UK - Barclays Global Investors (BGI) has won two mandates from British Telecom's new defined contribution (DC) scheme, the British Telecom Retirement Plan (BTRP).
Colin Hartridge-Price, BT's scheme secretary and chief pensions officer, said that BGI would be running the new fund's active UK and global equities mandates. BGI was selected from a shortlist of three.
Additionally, Hartridge-Price revealed that Standard Life Investments has been selected as BT's new additional voluntary contribution (AVC) provider. The BT AVC scheme is worth £28m.
Earlier this year, BT launched the DC plan and closed its £27bn final salary scheme to new employees. Redundancy strains last year and increased levels of contributions to the British Telecom Pension Scheme (BTPS) - including a one off special contribution of £200m BT made to the fund - left the final salary scheme with a £650m liability.
In April, Hartridge-Price said that the new scheme should have £20m (US$29m) by the end of the year.
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