ITN Pension Scheme, London, rehired Aon as fiduciary manager, a spokeswoman confirmed.
Aon has provided fiduciary management services to the £400 million ($516 million) plan since 2013. Pension advisory firm Isio assisted with the search, which began at the start of this year. In a six-month process, the plan's trustees shortlisted three candidates for the contract.
The renewal follows the U.K. Competition and Markets Authority's requirement for U.K. plans to carry out a competitive retender of fiduciary management services. Following an investigation into consultants and the fiduciary management market in 2018, the CMA concluded in 2019 that competition was distorted and ordered plans to periodically retender for fiduciary management providers.
"We were particularly impressed in the way Aon has incorporated responsible investment into our investment approach. It's an area that is increasingly important to us and I am confident that the Aon team will continue to innovate in this area," Lesley Everett, incoming chairwoman of trustees at the ITN Pension Scheme, said in a news release.
Martyn Hurd, chairman of trustees at the ITN Pension Scheme, added in the release: "The ITN Scheme has already worked with Aon for the last seven years and they have delivered the investment performance we have needed to meet all market eventualities. It's really important for us to work with a fiduciary manager that fully understands our scheme and ITN's business — we feel we get this from the Aon team."
Aon is also actuary and investment adviser to the plan.