UK - The £275m (€398m) multi-employer Milk Pension Fund has retained Aon Consulting as actuarial and investment adviser.

The scheme is a defined benefit pension scheme sponsored by employers in the UK dairy industry. The move continues a 20-year relationship between the consultant and the defined benefit fund. Trustees had considered five pitches.

“After a full competitive tender, it was Aon's understanding and ability to meet our business needs that really stood out,” said Richard Thornton, secretary to the 5,700-member fund.

“We were impressed by the team's enthusiasm and approach and are very pleased to continue and develop our relationship with them," he said. The scheme currently allocates 65% to fixed income and 35% to equities, Thornton added.

Matthew Arends, client relationship manager at Aon, added: "We have built a strong relationship with both the trustee directors and the employers associated with the fund.”

The fund awarded last October a £33m segregated UK fixed income mandate to AXA Investment Managers. The money came from the gilts portfolio managed by Merrill Lynch Investment Managers.

The fund’s assets are managed by Legal &General Investment Management, Capital International, Schroder Investment Management as well as by AXA Investment Managers and Merrill Lynch Investment Managers Ltd.