Aon Hewitt has been appointed by Lookers PLC to provide a range of services to its defined benefit pension schemes.
Lookers plc is a leading automotive retailer and distributor with dealerships across the UK. Its two defined benefit pension schemes, the Lookers Pension Plan and the Dutton-Forshaw Group Pension Plan, have a membership of nearly 5,000 between them, and combined assets of around £140 million. Aon Hewitt will be supplying fully integrated services, including actuarial advice, investment consulting and pension administration, as the two schemes look to harmonise the way they are managed.
Glenda MacGeekie, group solicitor and company secretary, Lookers plc, said:
“The decision to select Aon Hewitt as a full service provider to our defined benefit pension schemes was based on two factors. First, the trustees were confident that with Aon Hewitt they would benefit from large firm expertise and knowledge, administration efficiencies and systems, as well as investment research and experience. Secondly, the trustees were impressed with each individual member of the Aon Hewitt team. The team is very approachable and their diligence, enthusiasm, knowledge, experience and technical ability are proving to be outstanding. With the support from the training, advice and information the trustees also receive from Aon Hewitt, they feel more confident and better placed to fulfill their duties.”
Russell Agius, partner at Aon Hewitt, said:
"The challenges faced by the Lookers' schemes are typical of many we are seeing in the market. Given current economic conditions, they are looking to bring together the services they need both to maintain the schemes and to get the best value for their members.
"Our experience is that there are currently plenty of opportunities and options for medium-sized schemes, and particularly where an employer has more than one scheme. With the combined expertise of our services, we can empower the Lookers' schemes to focus on what is important for them at present while still setting in place the right arrangements to meet their long-term aims."
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