XPS appointed as adviser for the Greene King Pension Scheme

XPS was appointed by the scheme - which manages almost £400m of assets - to work with the sponsor to ensure all member benefits can be paid.

The Suffolk-based pub retailer and brewer has more than 2,900 pubs, restaurants and hotels in the UK and its pension scheme has around 2,500 members.

In 2012, the FTSE 250 company closed its three defined benefit (DB) schemes to future accrual.

Trustee chairman John Smith said: "We wanted an actuarial and investment adviser with smart ideas that would be proactive and would help us deign and manage a combined funding and investment strategy to ensure we can deliver on the pension promise to our members."

XPS Leeds head and scheme actuary Lisa Whitby said: "We are really pleased to be working with Greene King Pension Scheme trustees to help them ensure their members receive the benefits in full.

"We are particularly pleased that the trustees recognised that our smart solution combined with our collaborative approach would help them work with the sponsor to meet their objectives."

XPS has won a number of tenders in recent months, including the appointment as adviser for the Johnson Controls and Tyco schemes in January, and its appointment by Harrods' DB scheme as its investment adviser in February.

This appointment comes as the FTSE 250 yesterday (19 August) closed 1.47% higher, boosted by a 51% rise in Greene King shares, following news of the sale of the pub group to Hong Kong real estate firm CKA for an agreed sum of £2.7bn, meaning shareholders will receive 850 pence per share.

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• Topics
• Appointments
• XPS Pensions Group
• Greene King
• adviser
• actuarial
• FTSE 250
• john smith
• lisa whitby
• tender