UK - Hewitt Associates has been appointed as actuarial adviser to the Securicor Group Pension Scheme, which has fund assets of more than £700m.
The appointment will now consolidate Hewitt's role as actuarial adviser to Group 4 Securicor, the recently merged security services firm, as it already advises the separate Group 4 scheme.
Sok Wah Lee, head of compensation and benefits at Group 4 Securicor said: “The trustees of the Securicor pension scheme picked Hewitt as their actuarial adviser completely independently of the fact that Hewitt was already the adviser of the other defined benefit scheme within the group.
“The fact that the separate trustee board of the Group 4 pension scheme was pleased with the excellent advice given by a different Hewitt team over the past six years was not overlooked.”
As adviser to the Securicor pension scheme, part of Hewitt's remit will be to work with the trustees to ensure they meet the various requirements of the Pension and Finance Acts.
In particular, Hewitt will be advising the trustees on new funding legislation due in September, which will have a significant impact on the way decisions are made about the funding of defined benefit schemes.
Commenting on the appointment, Hewitt principal consultant Chris Norden (pictured) said: “The next 18 months are critical for trustees of company pension schemes, in terms of understanding and meeting the requirements of the Pension and Finance Acts.
“We are delighted to have this opportunity to work with the trustees of the Securicor pension scheme to prepare for the upcoming legislation and to help them respond to the new requirements being placed upon them.”
Hewitt was appointed as actuarial advisers to the Group 4 pension scheme, which has assets of around £180m, six years ago.
Partner Insight: In recent years, pensions administrators have seen scheme member engagement increase significantly. The advent of Pensions Freedoms in 2015 and the increased choices faced by members have led to a sea-change in the levels and types of...
Purna Bhudia looks at how the PPF's investment strategy has evolved, especially in the area of credit
Two consultancies have reported decreases in defined benefit (DB) transfer quotation requests in Q3, and said guaranteed minimum pension (GMP) equalisation could impact transfer activity.
The Association of Consulting Actuaries (ACA) and Royal London have proposed a "pensions pound" to "radically simplify" defined benefit (DB) pensions rights.