Somerset council scheme axes Hewitt
UK – Hewitt Associates has been axed as actuary and investment consultant to the £960m (€1.4bn) Somerset County Council pension fund.
Independent consultant Barnett Waddingham was appointed replacement following a tendering and selection process initiated in November 2005.
A Barnett Waddingham spokesperson told IPE the firm was due to take up its new responsibilities on April 1.
According to Somerset pension director Richard Trowell, Hewitt was actuary and investment consultant to the scheme for roughly ten years.
He added that Barnett – selected by an in-house team - was appointed following a mandatory periodic review of its major mandates. According to reports, Hewitt’s contract with the scheme had already been extended twice.
Barnett Waddingham’s contract will run for six years with the option to extend it further.
The Somerset County Council pension Fund has roughly 30,000 members.