Muntons appoints HSBC for closed DB scheme
UK - HSBC Actuaries and Consultants Limited has been appointed by the 20 million-pound (30.1 million-euro) Muntons Retirement Benefits Scheme to provide its closed defined benefits scheme with consultancy and administration services.
The appointment follows a re-tender exercise during which four firms, including HACL, were short-listed and interviewed.
A spokesman for the malt manufacturer told IPE: “Of all the candidates we spoke to, they HACL seemed to have the best and most consistent people.” HACL had been recommended by similar schemes.
The spokesman declined to name the previous consultant to the DB pension fund, which has been closed to new members.
Gerald Prior, managing director of Muntons, said the DB scheme had passed from a well-funded to under-funded condition in the last few years. A defined contribution scheme has been now set up.
“We were keen that the administration and, in particular, the investment advice we receive in respect of the closed defined benefits scheme, should reflect the company’s ambition of being a world-class in all we do,” Prior said.
The DB fund’s asset allocation is split between equities (60%), managed by Scottish Widows, and fixed income run by Legal and General.
Simon Hazeldine, director of marketing at HACL, said: “One of our first tasks is to provide the trustees with a full investment review to ensure the scheme’s asset allocation takes account of the liability profile, following recent changes to the scheme and movements in the market.”