The £230 million ($300 million) defined contribution plan of Wolseley, Warwick, England, has chosen the master trust of professional services firm Aon as its retirement planning provider, according to a news release.
Wolseley is a merchant specializing in plumbing, heating, cooling and infrastructure, and its DC plan has more then 13,000 retirement plan participants.
The bid process ultimately won by Aon was overseen by Vidett, previously known as Punter Southall Governance Services. Aon will now provide the group with master trust services along with integrated life insurance brokering.
“We really wanted to focus on optimizing outcomes for our members, so we spent a lot of time on comparing investment performance and strategies, supported by specialist consultants,” said Ant Donaldson, reward manager at The Wolseley Group in the news release.
“We also looked at the support given, plus the range and accessibility of the different options available when members come to access their benefits - together with ongoing engagement with members throughout their pension journeys.”
The Aon master trust is a professionally-managed, multi-employer trust-based defined contribution retirement plan.
