UK – Aon Consulting has been appointed pension fund administrator to Glasgow-based global engineering company The Weir Group’s defined benefit pension scheme, amounting to £436m (€638m).
According to a scheme spokesperson, the group’s entire £500m pension scheme used to be administered by an in-house team. The team will continue to administer the small defined contribution part of the fund.
Aon told IPE that the group’s decision to outsource was based on future outlooks and the cost of pension administration. There was a need to consider ongoing support for pension administration going forward, she said.
The scheme will be managed from Aon Consulting’s Glasgow office.
Chairman of trustees Stephen Foster said: “We were impressed with the feedback we received on Aon’s administration service from existing clients. We are also please that the scheme will be administered in Glasgow.”
The scheme has 10,000 members.