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 Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.