Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

Mandate round-up: Uniq buy-in deal, PPF's new LDI managers

Thursday, December 15, 2011

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The latest pension fund mandate wins include another large buy-in deal, for Rothesay Life, and the appointment of an adviser to watch over the Macmillan Cancer Support Pension Fund's fiduciary manager 

The Uniq Pension Scheme continues to live up to its name after entering into an £830m buy-in contract with Rothesay Life, and hopefully securing the retirement benefits of its 20,000-odd members as a result. Uniq's trustees were advised by LCP on the deal which follows on from its 'deficit for equity swap' deal that the fund made with its sponsoring company earlier this year. Uniq is now owned by Greencore.

The Christmas lights will be shining brightly at Capita Hartshead HQ after news that the firm has been chosen to provide central administration services for the £25.6bn Electricity Supply Pension Scheme.

The Macmillan cancer support pension fund has installed Ernst & Young to watch over its fiduciary manager, MN Services. Pitmans Trustees, which chairs the scheme, would not reveal how much Macmillan are paying E&Y, but client director Melanie Cusack assured PFI that it was much cheaper than appointing another additional adviser.

The UK's Pension Protection Fund (PPF) has recruited three new Liability Driven Investment (LDI) Managers as the lifeboat looks to expand its asset class allocation strategy and control risk. The new managers are Blackrock; F&C; and Legal & General. Insight Investment remains the PPF's primary LDI manager for now.

The £1.5bn Dorset County Council pension fund has reappointed Barnett Waddingham to provide actuarial services. Barnett Waddingham has worked with Dorset County Council since 2002, making it the firm's longest standing local government client.

Aries Pension & Insurance Systems has signed up a number of new pension funds to its Aries Pensions System (APS), a technical legislation information tool.

The funds are: Pennon Group Pension Scheme, General Motors Pension Plan, Taylor Wimpey Pension Scheme, Nestle UK Pension Fund, University of Sheffield Pension Scheme, Everything Everywhere Pension Scheme, De La Rue Pension Scheme, the Church of England Pensions Board and the Alcatel-Lucent Pension Fund.

Dutch scheme Stichting Pensioenfonds TNO has awarded an administration mandate to ING Investment Management for its DC scheme. The TNO scheme has approximately 5000 members and invests around €2.2bn.

Further afield, State Street Corporation has been appointed by Australian superannuation fund Sunsuper Limited as its custodian and U.S. State pension scheme, the New Jersey Division of Investment is to invest a further $1.8bn in alternative assets with Blackstone. This takes the scheme's total allocation to the alternative asset manager up to $2.5bn (£1.6bn).

To view more detail on the above pension funds and their advisers, sign in to Pension Funds Online or request a demonstration of the site here.