On the go: The BT Group, which has both defined benefit and defined contribution plans including the £57.5bn BT Pension Scheme, has appointed XPS Pensions Group as pensions adviser.
The telecoms group appointed XPS to support its in-house pensions team, and to advise on actuarial and investment matters and BT’s pensions strategy.
“We wanted to completely reshape the way we work with advisers. We selected XPS following a competitive tender process because they really understood our requirements and offered an innovative and progressive partnership structure,” Paul Rogers, pensions risk director at BT Group, said.
The service XPS will provide will effectively see the consultant “become part of the BT in-house team”, according to Wayne Segers, partner at XPS.
“We believe that this structure may become the new normal way of working with in-house teams that look after large pension schemes,” he commented.
Rogers added: “The partnership that XPS will provide will add significant scale and depth of support to BT and further enhance the way we work as a team.”
Actual asset allocation as at June 30 2021 at the BT Pension Scheme stands at 17.9 per cent equities, 6.7 per cent real estate, 11.7 per cent other growth assets, 25.2 per cent investment-grade credit, 6.4 per cent secure income, and 32.1 per cent government bonds and cash.
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This article originally appeared on MandateWire.com
