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Lookers' schemes hire Aon Hewitt for pension services

22 August 2013

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Lookers plc, an automotive retailer and distributor, has appointed Aon Hewitt to provide actuarial advice, investment consulting and pension administration services for its pension schemes.

The two defined benefit (DB) schemes, the Lookers Pension Plan and the Dutton-Forshaw Group Pension Plan, are looking to harmonise the way they are managed.

Aon Hewitt has been selected to provide a full range of services for the schemes, which have a membership of nearly 5,000 between them and combined assets of around £140m.

Glenda MacGeekie, Lookers plc group solicitor and company secretary, said the schemes would benefit from the expertise that Aon Hewitt offers and because the trustees were "impressed" with the consultancy's team members.

MacGeeki said: "The team is very approachable and their diligence, enthusiasm, knowledge, experience and technical ability are proving to be outstanding. With the support from the training, advice and information the trustees also receive from Aon Hewitt, they feel more confident and better placed to fulfil their duties."

Aon Hewitt partner Russell Agius said: "The challenges faced by the Lookers' schemes are typical of many we are seeing in the market. Given current economic conditions, they are looking to bring together the services they need both to maintain the schemes and to get the best value for their members.

"Our experience is that there are currently plenty of opportunities and options for medium-sized schemes, and particularly where an employer has more than one scheme. With the combined expertise of our services, we can empower the Lookers' schemes to focus on what is important for them at present while still setting in place the right arrangements to meet their long-term aims."

First published 22.08.2013

monique_simpson@wilmington.co.uk