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UK mandate roundup: Heinz, Magnolia Group Pension Scheme

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  • UK mandate roundup: Heinz, Magnolia Group Pension Scheme

UK - Food manufacturer Heinz has consolidated the administration of its five UK pension schemes, while the Magnolia Group Pension Plan has appointed a scheme actuary.

Heinz, the maker of a range of products including soups and condiments, had previously used a mixture of in-house and outsourced management for its five schemes, but decided to consolidate the services under one provider.

Capita Hartshead has now been appointed to provide administration, secretarial, treasury and finance services for approximately 12,000 members of both the defined contribution (DC) and defined benefit (DB) schemes.

Ken Horrocks, rewards manager at Heinz, said: "Capita Hartshead already looks after our DC scheme and one of our DB schemes, so it was always going to be on our shortlist.

"During the tender process, it consistently demonstrated it had the necessary strength and depth of experience we were looking for.

"We were particularly impressed by its proactive and forward-thinking approach to pensions management."

Elsewhere, the £1.6m (€1.9m) Magnolia Group Pension Scheme has appointed HamishWilson as scheme actuary.

Christine Brightwell from Pension Professionals, the scheme trustee, said: "Key for this scheme was a provider who could take a pragmatic approach, find innovative ways of dealing with difficult issues and assist us to protect the interests of the scheme members. 

"We needed someone who would ‘roll their sleeves' up straightaway and bring some in-depth knowledge of wider pensions issues."
 

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