On the go: The Centrica UK defined benefit pension schemes, comprising the Centrica Pension Scheme, the Centrica Engineers Pension Scheme and the Centrica Pension Plan, have selected Redington as strategic investment consultant.
Redington’s mandate will involve providing oversight of the implementation of the schemes’ new outsourced chief investment officer model.
As reported in April, the energy provider schemes appointed Schroders Solutions as its OCIO, managing £10bn in assets.
In addition to strategic investment insight, journey planning and risk management, Redington’s mandate includes overseeing the implementation of the OCIO’s agreed strategy and providing ongoing oversight and recommendations relating to the evolution of the relationship.
Centrica schemes’ trustees chair, Allan Whalley, explained that the move to an OCIO model was an extremely important milestone in the evolution of the three DB schemes.
He said: “From the outset, our priority has been to surround ourselves with the right experts who understand the unique nature of the schemes and what’s needed to develop their specific journey plans.
“After a rigorous selection process, it was clear that Redington’s experience in helping large pension schemes achieve maximum value from OCIOs made them the right provider to support us on this transition and beyond. We cannot wait to see what the future holds.”
This article originally appeared on MandateWire.com
