Engineers tap DC link for pension admin
UK - The Engineering Employers' Federation Staff Pension Fund (EEF) has appointed DC Link as third-party pension administrator for its multi-employer DC plan.
Pensions for 16 UK companies are provided for under the EEF arrangement, which recently closed a DB scheme. Lesley Carline, business development manager at DC Link, told IPE that there are no membership numbers for the DC scheme yet as it has only just been set up.
"The number of different employers participating in the scheme makes the administration of the DC scheme anything but straightforward," said Fay Henrick, pension manager at the EEF.
The pension fund has appointed Legal & General as asset manager. Henrick told IPE that there was a potential membership of 80 people for the new DC scheme but applications are currently just starting to come in. About 450 active members are covered under the closed DB scheme.
"What we liked about DC Link was their ability to service all of the different employers' requirements on a single platform and to provide an effective internet portal both for employers and employees."
Carline said that EEF is one of the few multi-employer clients DC Link has. "It is a very interesting client for us and it demonstrates that our service handles multi-employer requirements very well."
DC Link is part of the Alexander Forbes group, which includes actuarial consultancy, Lane Clark & Peacock.