UK - State Street Corporation has been retained as custodian to BP's £14bn UK pension fund while Hewitt has been asked to extend its contract with the UK civil service pension fund.
Statements issued today confirm State Street will continue to provide custody, accounting, securities lending and performance measurement services for BP Pension Trustees Ltd, the main pension scheme for BP in the UK.
Having advised BP on its activity with State Street, Hewitt Associates has also been asked by the UK government's Cabinet Office to continue to provide actuarial services to the Civil Service pension arrangements.
Hewitt was first appointed as actuary to the schemes in 2003, when it was decided a private sector should advise the scheme, rather than the Government Actuary's Department.
The Civil Service defined benefit pension plans between them have approximately 1.5 million members, including 600,000 current active members.
At the same time, AllenbridgeEPIC Investment Advisers (AEIA) has also been by the £1.4bn Dorset County Council pension fund to provide
independent professional advisory services on governance and compliance.
One of AEIA's key duties will be to advise the local authority on its compliance systems for the pension fund, as the Department for Communities & Local Government (CLG) recently issued draft regulations and statutory guidance relating to the preparation of a local government pension scheme's Governance Compliance Statement (GCS), by applying an ‘independent observer' to the scheme.
Peter Scales, former chief executive of the London Pension Fund Authority and now senior adviser at AEIA, will act as that independent observer of the Dorset pension fund.
He will be tasked with keeping an overview of its governance arrangements, to maintain high standards of continuity, knowledge, impartiality and performance of committees or panels, and offer practical solutions to governance risk management where appropriate.
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