The Church of Scotland, Edinburgh, hired XPS Pensions Group as investment adviser for its pension funds, a spokeswoman confirmed.
The organization also appointed XPS as actuarial adviser.
The Church of Scotland runs three defined benefit funds with £524 million ($739 million) in total assets and 5,000 participants. The organization was looking to appoint one firm to advise on both actuarial and investment aspects of the plans, a news release by XPS said.
The previous investment adviser was Aon, with Hymans Robertson providing actuarial advice, the spokeswoman said.
Having the same service provider "will serve the schemes well in their next phase, now that all schemes and sections are fully funded on a prudent actuarial basis," Graeme Caughey, chairman of the trustees, said in the release. "By completing an open tender for these services the pension trustees are implementing the best principles of governance and ensuring the schemes are managed in the most efficient and cost effective way."