The £1.5bn (€1.8bn) Serco Pension & Life Assurance Scheme (SPLAS) has appointed consultancy Isio to provide actuarial, administration and investment services for the whole scheme.
The appointment follows a competitive selection process.
Serco – a FTSE250 company employing more than 50,000 people, delivering essential public services in the UK and globally – is the sponsor of the pension fund that provides pension benefits to nearly 9,000 members.
The trustees, Isio announced, sought a provider that was “strategic, collaborative and able to design and execute a plan to deliver better outcomes for their members”.
This is one of the first full-services appointments made since Isio acquired Premier at the start of the year, it added. The joining of the two businesses provides a comprehensive range of aligned services that combine expert advice and consultancy.
Nadeem Ladha, chair of trustees, said: “We were looking for a strategic adviser with smart ideas that could add real value to the scheme. Isio demonstrated this across all services and we were particularly impressed with the team’s focus on supporting members which has been further enhanced by the recent acquisition.”
Matt Collinson, partner and head of Isio in the Midlands, said: “It’s great to see our approach for trustee services deliver results and we are delighted to be working with Serco and the trustees to drive forward the strategic journey for the scheme.”