UK – Aberdeen-based oil and engineering services company, MacGregor Energy Services, has selected Punter Southall Financial Management (PSFM), the UK-based independent financial advisers, to advise on the stakeholder pension plan it is setting up for its 1,400 staff.
The new fund will replace MacGregor’s existing defined contribution pension scheme which caters for only 100 of its core staff. Legal & General is providing the stakeholder pension scheme via its default UK equity index with lifestyle fund. Details of fund size and investment structure are, as yet, unavailable.
PSFM provides a range of services including research into stakeholder pensions and recommending and monitoring pension providers.
PSFM’s parent, the UK-based consultants Punter Southall, has for the third year running been voted best service provider in a survey by the Pension Fund Partnership, a research outfit for occupational schemes in the UK and Ireland. 67% of Punter Southall’s clients who responded said overall performance was excellent.
The annual survey asks 3,000 pension fund providers to rate the service they get from actuaries, investment managers, custodians and benefits administrators. Punter Southall scored above average in all areas.