UK - Global energy company E.ON has appointed Hewitt Associates to provide investment consultancy services to its pension scheme trustees on the back of the merging of four Electricity Supply Pension Scheme groups to form a £4bn fund.
The appointment follows a decision by the newly formed fund to hire a sole consultant.
Hewitt will provide full consulting services but with the initial key tasks of reviewing the fund’s investment strategy and investing a lump sum cash injection from the employer which is designed to equalise funding levels between the original schemes.
Graham Bartlett, chairman of the E.ON Trustees, said: “We looked very closely at what the merged fund required and after working with the Hewitt team we concluded that their tailored approach to strategy matched what we needed.”
Beverley Morgan, investment consultant at Hewitt, said the investment strategy review would focus on understanding risk “from the perspectives of both the trustees and the sponsor” and the “practicalities of managing the substantial cash flows that the scheme generates”.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.