On the go: The £60m defined benefit section of the CAB International Pension Scheme has hired Aon to provide administration services.
Kate Hardingham, the scheme’s chair, commented: “Having completed the transition of our pensions administration to Aon, we’ve been delighted with the management of the project, and we are excited to introduce Aon’s PensionLine web portal to our members to really enhance their interaction with the scheme.
“It was as smooth as any transition exercise I’ve been involved with, thanks to the hard work of the team, the regular reporting and the collaboration between Aon’s administration and consulting teams under their integrated client model.”
According to its latest statement of investment principles, Broadstone Corporate Benefits previously acted as administrator of the DB section of the scheme.
As at year-end 2019, the scheme had a £10.2m deficit, CABI’s latest annual report shows. The Department for International Development approved a £12m one-off payment to the scheme, with the first tranche of £6m transferred in February 2020.
The plans DB section invests in liability-driven investments and in a selection of pooled funds and is managed by Aon’s fiduciary management arm.
The scheme also has a defined contribution section that invests in pooled money markets, overseas equities, UK equities, absolute return and ethical investment funds with Standard Life Aberdeen, with Vanguard Asset Management for government bonds and UK equities, and with BlackRock for diversified growth.
This article originally appeared on MandateWire.com
