SOUTH AFRICA - The £403m ($44.7m) BTR Dunlop pension scheme, a defined contribution plan, is to introduce member level investment options for its members in January 2002.
Alan Baxter, pension fund manager at the tyre manufacturing company, said the new arrangement will empower members to be able to determine how their contributions will be invested.
He said the new options will serve as a ‘bank account’ for members to manage but the scheme’s trustees will have a fiduciary duty to monitor investments and lay down the investment parameters.
Baxter explained that the introduction of the options would not lead to any changes in the existing investment manager line-up of Barclays Global Investors and Investec Asset Management.
He said the decision to introduce member level investment options came after noticing their popularity among other South African pension schemes.
The BTR Dunlop pension scheme is advised by First Quadrant.
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