UK – The pension trustees of global industrial services company Cape PLC have axed Hymans Robertson as scheme consultant, and appointed Buck Consultants instead.

Buck Consultants’ Manchester team will provide the fund with actuarial, investment and consultancy services for a minimum period of three years before the contract can be reviewed.

Scheme secretary Vince O’Brien said there was a “mixed bag” of reasons for firing Hymans, who has been scheme consultant for roughly five years.

He told IPE: “We wanted to sound out alternative ideas and price competitiveness.”

He added that the scheme is due to “tweak” its investment portfolio with trustees deciding to invest more heavily in gilts for the time being.

“It is a very mature scheme,” said O’Brien. The scheme has more than 2,600 members and over £110m in assets.

According to a statement, the appointment followed a “rigorous” selection process involving a number of consultancies.

O’Brien stated that the tendering process began in January, and three consultants made the final shortlist. No external adviser was used in the selection process.

“We are confident that this knowledgeable and versatile group has the experience and track record to ensure that our schemes receive a proactive, creative and highly professional service,” said trustee secretary Vince O’Brien.

Hymans Robertson did not respond to requests for comment.