The Citizens Advice pension scheme has selected Punter Southall to provide a range of services.
From the 1 July Punter Southall will provide actuarial services, investment consultancy, administration and secretarial support on behalf of the scheme's trustees, following a competitive tender process. There is no fixed-term contract and the fee was not disclosed.
The pension fund is a defined benefit (DB) multi-employer pension scheme which closed to future accrual in March 2008. The other employers in the scheme are local Citizens Advice charities.
The scheme has approximately 1,500 members and assets of £70m. Its total deficit as of 31 March 2015 was £56.5m on the FRS17 accounting basis, and the deficit figure for this year will be published later this month.
Citizens Advice pension scheme chair of trustees David Rodgers said: "It was important to us that we found a partner that could meet our requirements across a number of different functions and the Punter Southall team were a perfect fit.
"In particular, we were impressed with the exceptional quality of Punter Southall's offer not just in one or two areas, but across the breadth of services that we require. We're very much looking forward to working with them."
Punter Southall principal John Prior said: "We're delighted to have been selected to partner with the Citizens Advice pension scheme. DB schemes have been put firmly back in the spotlight in recent weeks.
"Challenges remain for all schemes to address and conquer as they work towards honouring members' pension promises. We look forward to working with the trustees of the Citizens Advice pension scheme to do just that."
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