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BAE Systems appoints Hymans Robertson for seven DB schemes

23 July 2015

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BAE Systems Group Pensions Schemes appoint Hymans Robertson to provide scheme actuary services across all of its pension schemes.

The seven schemes, which collectively hold around GBP 21bn of defined benefit assets under management, have more than 200,000 members.

Hymans Robertson, the independent pensions, benefits and risk consultancy, was selected after a competitive tender process involving six firms.

Susan McIlvogue will be the client relationship actuary across all schemes and will facilitate collaboration between the underlying scheme actuaries who have been appointed by the individual schemes within the company.

Ronnie Bowie, senior partner at Hymans Robertson, said: "To help the trustees and BAE Systems achieve the maximum potential from appointing a single firm of actuaries, collaboration, and constructive challenge are essential ingredients – and this is how we work."

Bowie said the team would build on strong foundations already laid down by BAE's in-house team of experts to proactively build a collaborative and transparent working environment.

"We're delighted not only to have retained, but also to have grown the relationship with the trustees of the BAE Systems group of pension schemes and we look forward to helping the trustees deliver their pensions promises to members in a risk-controlled and cost-effective framework," he said.

BAE Systems is an international company engaged in the development, delivery, and support of defence and aerospace systems, designing military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems.

Nigel Tinsley, pensions director at BAE Systems group pensions, said: "We were looking for a pragmatic, collaborative team to work across the individual schemes, with proven expertise and innovation in services, grounded by robust project management skills - and Hymans Robertson's approach is in complete alignment with those objectives."

"We had first-hand experience of how they worked through two of our schemes and are confident they will be able to deliver a consistent approach across the relationship with all of them."

First published 23.07.2014

Lindsay.sharman@wilmingtonplc.com