University of Glasgow awards mandate to PwC
UK - The University of Glasgow has appointed PricewaterhouseCoopers to conduct its scheme administration and actuarial consultancy services.
The University of Glasgow Staff Pension Scheme - for employees not covered by the Universities Superannuation Scheme (USS) - tendered for one or more providers in December to deliver "pension schemed admin and related Services and/or actuarial and consultancy services".
The pension fund currently employs Hymans Robertson for scheme administration duties while Mercer acts as scheme consultant and actuary, alongside I L Seller. (See earlier IPE article: Glasgow university seeks actuarial and admin support)
However, the University has awarded the three-year contracts to PwC following the tender process, which resulted in 18 applications, on the basis of a range of criteria including evidence of ability to provide advice, and cost and transparency.
Latest figures from the university's financial statement showed the value of the scheme's assets dropped from £170.7m (€188.1m) in July 2007 to £162.4m a year later, causing the pension deficit to almost double from £37.3m to £56.4m.
The university blamed the increased deficit on the £24.7m "actuarial loss on pension assets" over the year, although it noted employer contribution rates increased to 25.5% from 1 April 2008 following the last triennial actuarial valuation in March 2007.
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