BG pension scheme taps Lane Clark for DB admin
UK - Consulting firm Lane Clark & Peacock says it has been appointed by gas company BG Group to provide pension administration for the £300m (E433m) BG Pension Scheme and two other schemes.
It said around 1,800 members of the defined benefit pension scheme were transferred to LCP's administration platform in 2004, with the project going live on January 1 2005.
"We conducted an extensive search to secure a high quality pensions administrator for our sophisticated membership profile," said Mike Thomas, BG Group Pensions Manager.
"LCP emerged as a clear winner, as a result of the breadth and depth of its service offering. We were particularly impressed by the long term vision LCP has for the scheme, as well as the quality of day to day services it is making available."
"This appointment recognises LCP's ability to deliver first class administration services to leading pension schemes," said Richard Thomas, head of LCP's employee benefits services.
"Our ongoing investment in technology, together with the expertise of our administration team has proved to be fundamental to our appointment. BG Group will be a significant addition to our portfolio of close to 100 administration clients."
In November last year LCP said it planned to launch a defined contribution scheme that targets a specified level of pension benefits - which it likens to a single-member defined benefit scheme.