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University of Glasgow awards mandate to PwC

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  • 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.

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
 

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