Associated British Foods' DC plan taps AllianceBernstein for target-date funds
By Drew Carter | October 17, 2012 2:02 pm
Associated British Foods DC Pension Scheme, London, hired AllianceBernstein (AB) to provide target-date funds for its £110 million ($177 million) plan, confirmed Andrew Semple, pension system analyst and team leader for DC administration at ABF.
Assets for all 8,000 defined contribution participants began to flow into the default target-date funds as of Oct. 1, Mr. Semple said.
The DC plan did not have a default fund; the addition was made as part of a review ahead of Feb. 1, when the plan will begin auto enrollment.
Legal & General Investment Management continues to manage other fund options for ABF, Mr. Semple said.