mast image

Special Report

Impact investing

Sections

UK roundup: Newham and Ufi's PQM Plus award

Related images

  • UK roundup: Newham and Ufi's PQM Plus award

UK - The London Borough of Newham has appointed a new actuarial and investment adviser for its pension fund, while Ufi has been awarded the National Association of Pension Fund's (NAPF) Pension Quality Mark (PQM) Plus.

Newham Council has confirmed it has awarded both the actuarial services and pension strategy investment adviser contracts to Barnett Waddingham.

The council said it received tender submissions from 10 firms across the two contracts, five submissions for both mandates and five tendering for the investment advice role only. However, following the short-listing process Newham confirmed it had chosen Barnett Waddingham to perform both roles for its £606m (€674m) pension fund, with both contracts expected to last for an initial period of five years.

In other developments for the pension fund, documents from the last meeting of the council's investment and accounts committee in November 2009 revealed the pension fund intended to transfer £25m held in passive equities and cash to the property fund run by ING.

The committee was told: "The process started on 30 October 2009, with £1.8m of surplus cash transferred to ING to fund investment opportunities in property that were available at 4.5% discount to their Net Asset Value."

Elsewhere, the online training provider Ufi - which operates the Learndirect brand - is the latest company to receive the NAPF's top tier Pension Quality Mark Plus for its group stakeholder pension plan. (See earlier IPE article: Six UK DC schemes hit pension quality mark)

The firm's pension consultants Capita Hartshead initiated the process of applying for the award, which is judged on contribution basis, governance and member communication, to highlight the fact Ufi provide a 'gold standard' arrangement.

Tony Barnard, account director at Capita Hartshead, said: "Ufi shows the same level of commitment to governance of its contract-based pension plan as is required from occupational scheme trustees. This is evidenced by the high level of member engagement, with just less than 90% of employees having joined."

Following confirmation of the award, Dianne Williamson, HR director at Ufi, added: "We recognise that the success of our pension plan goes way beyond simply getting employees to join. Therefore we encourage members to take an active interest in their pension savings throughout their membership."

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2543

    Asset class: Search of an Asset manager / Advisor managing / Advising a risk-based equity derivatives overlay program.
    Asset region: Global Developed Markets Equities, Global Emerging Markets Equities, Swiss Equities.
    Size: CHF 700-2100 million.
    Closing date: 2019-06-17.

  • QN-2544

    Asset class: Transitional Real Estate Debt.
    Asset region: North America (USA/Canada).
    Size: $50-100mn.
    Closing date: 2019-06-17.

  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

Begin Your Search Here
<