UK - Global natural gas business BG Group has appointed Lane Clark & Peacock LLP (LCP) to administer its £300m defined benefit pension scheme.
BG Group, part of the former British Gas, took its current form in 2000 after the demerger of the gas pipeline business Transco.
Mike Thomas, BG Group pensions manager, said: “We conducted an extensive search to secure a high quality pensions administrator for our sophisticated membership profile.
“LCP emerged as a clear winner, as a result of the breadth and depth of its service offering.”
Richard Thomas, head of LCP’s employee benefits services, said: “BG Group will be a significant addition to our portfolio of close to 100 administration clients.”
Members of the BG pension scheme were transferred to LCP’s administration platform in 2004, with the mandate taking effect from January 1, 2005.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).