Loomis UK has appointed Mercer to provide administration services for its pension schemes.
The provider of cash-handling services for banks, retailers and other commercial enterprises has made the appointment as part of an initiative to streamline its pension provider arrangements and reduce costs.
It follows Mercer’s appointment last year to provide implemented consulting to Loomis UK.
The organisation offers a defined contribution (DC) scheme with 900 members and a defined benefit (DB) scheme with 1,700 members.
Mercer’s services will include annuity broking, and manager selection and execution for its DB scheme.
Stephen Hyams, Mercer’s client relationship manager for Loomis UK, said: "Our pensions administration services were offered as part of a packaged outsourcing solution with a competitive fixed price. The trustees were looking to reduce costs and manage their time more effectively by delegating day-to-day investment decisions and focusing on the important strategic decisions for the fund."
“The additional benefits of this delegated approach is to help reduce financial risks and improve investment returns.”, Hyams continued.