Aon Hewitt has been appointed fiduciary manager by the Sevcon Limited Pension Plan.
The consultancy firm is providing full fiduciary management services to the electrical engineering company's £14m defined benefit pension scheme.
This includes implementing a diversified range of growth assets alongside a liability matching portfolio, asset allocation decisions, manager selection and operational oversight.
It is the first time the scheme has gone down the fiduciary management route.
The scheme's chief financial officer Paul Farquhar said: "During 2014 we became concerned around the volatility in our funding level and whether we had the right investment managers in place given the uncertainty ahead. We wanted a solution that would help us to stabilise funding level volatility and improve our overall position.
"We decided to appoint the Aon Hewitt team as we were confident they had the skills and experience of working with schemes such as ourselves to achieve what we needed."
The trustees undertook a thorough review of their existing arrangements, which included the option of Aon's delegated consulting services. The review included manager presentations and a site visit.
Aon Hewitt's head of European distribution Sion Cole added: "By using our scale and buying power, we have been able to put in place a solution that not only helps Sevcon to achieve their objectives but does so in a cost-effective way."
Aon also provides other services to Sevcon including benefits administration, and provides the corporate with some international consulting.
Aon Hewitt provides fiduciary management to over 90 UK pension schemes, with assets under management of around £12bn.
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