The £14m Sevcon Limited Pension Plan has chosen Aon Hewitt as its fiduciary manager.
The engineering company said it had decided to appoint a fiduciary manager to help stabilise the scheme’s funding volatility and select the right investment managers to be able do that.
Aon Hewitt will implement a diverse set of growth assets alongside a bespoke liability-matching portfolio, as well as make asset allocation decisions, select managers and have operational oversight for the scheme.
Sevcon Limited Pension Plan chief financial officer Paul Farquhar said: “During 2014 we became concerned around the volatility in our funding level and whether we had the right investment managers in place given the uncertainty ahead. We wanted a solution that would help us to stabilise funding level volatility and improve our overall position. At the same time we wanted a portfolio that only invested in the very best managers and could also move quickly and efficiently to capture opportunities.
“We decided to appoint the Aon Hewitt team as we were confident they had the skills and experience of working with schemes such as ourselves to achieve what we needed. We have been using Aon’s fiduciary management solution since early 2015 and are very happy with the results we’ve seen to date.”
Aon Hewitt, partner and head of European distribution Sion Cole (pictured) said: “We are delighted that the Sevcon Trustees decided to appoint Aon Hewitt as their fiduciary manager. We worked closely with them to understand their needs and then to design a solution based upon this and their long-term objectives. By using our scale and buying power, we have been able to put in place a solution that not only helps Sevcon to achieve their objectives but does so in a cost-effective way.”
