Manchester Airports Group Defined Contribution Pension Scheme, Manchester, England, hired Buck Consultants to provide administration and technology services to participants, said Mark Cliff, reward director at Manchester Airports Group.
The plan has 2,500 participants and more £20 million ($30.2 million) of assets.
Buck's services will include guidance on national reforms to DC plans that come into effect this April. The changes, known as “freedom and choice” proposals in the U.K., will see DC savers no longer required to purchase an annuity to fund their retirement.
“The appointment was an extension of DC services to Buck to compliment the DB appointments already in place with them,” Mr. Cliff said in an e-mail. Buck already provides actuarial, general consulting, investment consulting and pensions administration services to the M.A.G. (STAL) Pension Scheme, Manchester, and the E.M.I.A. Pension Scheme, Manchester. The M.A.G. (STAL) pension fund had £113.9 million of assets and the E.M.I.A. pension fund had £48.5 million of assets, both as of March 31, 2014, according to the latest annual report for Manchester Airports Group.