UK - The £350m Express Dairies pension scheme will complete an actuarial review on April 1, 2002 which will lead to a review of investment arrangements and, most likely, an increase in allocation to bonds for the mature scheme.
William M Mercer acts as actuary to the fund. Pensions manager Steven Nicholls said the scheme would probably change its benchmark to lock in profits and match assets to liabilities.
In May the scheme appointed Frank Russell to a £50m global equity brief, deducting the monies from the mandates of incumbent managers Deutsche Asset Management (DeAM) and Legal & General.
Hymans Robertson assisted in the move which saw DeAM get a new property brief comprising 6% of the scheme.
By Luke Clancy
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Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point