BlueSky Pension Scheme, Sidcup, England, hired AllianceBernstein to manage new assets in the £228 million ($372 million) defined contribution plan's default flexible target-date option, said Paul Bannister, the plan's CEO.
M&G Investments now manages all existing DC assets. Beginning on Oct. 1, members can voluntarily switch to the AllianceBernstein target-date option.
Following a period of 12 months and depending on AllianceBernstein's performance, fund officials will consider switching all default assets to the manager, Mr. Bannister said.
He added that the overwhelming majority of the assets are invested in the default option.
“AllianceBernstein designed a fund especially for us rather than taking an off-the-shelf package,” Mr. Bannister said.
Consultant Dean Wetton Advisory assisted.