On the go: The NFU Mutual Retirement Benefit Scheme, with £1.1bn in defined benefit assets and £206.2m in defined contribution assets, has appointed Trafalgar House to provide administration services, effective from July 1 2021.
Jackie Baker, pensions manager and secretary to the trustee at NFU Mutual, said: “It was important for us that our new administrator understood the nuances of our hybrid scheme and could show their experience working with mixed benefits.”
Baker was also impressed by Trafalgar’s approach to technology, which enhances transparency, governance and interaction.
Mercer previously provided administration services to the scheme.
Elsewhere, the exposure to bonds within the scheme’s DB section increased over the year to December 31 2020 by 4.3 percentage points, to 44.8 per cent, the scheme’s annual report shows.
Meanwhile, exposure to cash decreased by 2.2 percentage points, to 0.7 per cent of scheme assets.
The scheme’s statement of investment principles reveals that within the total equity return portfolio, the scheme has altered its target allocations to increase UK equities at the expense of overseas equities.
The strategic split within the portfolio is now one-third UK equities and two-thirds international equities.
The majority of investments are managed in-house. Goldman Sachs Asset Management and BNP Paribas Asset Management handle money markets, while property is held in the Oaks Property Trust.
This article originally appeared on MandateWire.com
