UK - The £900m Plumbing and Mechanical Services (UK) Industry pension scheme has dropped Mercer as its investment consultant and hired Hewitt Associates.
The industry-based scheme for plumbers and apprentices employed by firms in the UK plumbing and mechanical services industry has more than 35,000 members.
Under the scope of the mandate, Hewitt will advise on asset allocation and monitor and advise on the selection of fund managers as the scheme delegates its investment management to third party investment managers.
Hewitt said it would also provide ongoing advice on general investment issues.
Commenting on the win, Phil Page, investment consultant at Hewitt, said: “The liability profile of the scheme presents interesting and important issues for the trustee board to consider. We have enjoyed our initial discussions with them and look forward to a good working relationship.”
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.