Aon Hewitt has been appointed by Middlesbrough Borough Council, the administering authority to the Teesside Pension Fund, to provide actuarial consulting services.
The £2.5 billion Teesside Pension Fund has over 60,000 members. Aon Hewitt will be working closely with Middlesbrough Borough Council and its officers to help them manage the fund and to discharge a variety of regulatory duties.
Middlesbrough Borough Council is one of the first Local Government Pension Scheme administering authorities to procure actuarial services through a national framework arrangement established in 2012 by Norfolk County Council. The framework was established to enable Local Authority Funds to procure actuarial and benefits services more quickly and cost effectively. Aon Hewitt is one of the consultancies appointed to the framework panel for both actuarial and benefits services.
Paul Campbell, head of Investments and Treasury Management at Middlesbrough Borough Council, said:
"Aon Hewitt put forward the best overall package of quality and value for money for actuarial services in the framework's mini competition. We look forward to working with them over the next seven years of the contract."
Tim Lunn, head of the UK Public Sector Actuarial team at Aon Hewitt, said:
"Aon Hewitt's appointment to provide actuarial services to the Teesside Pension Fund via the recently established National Framework Arrangement is a strong endorsement of the strength and depth of our Public Sector Team, as well as the quality and value of our advice. We are looking forward to working with the fund over the coming years.”
This announcement follows Aon Hewitt's recent appointment as actuarial adviser to the Local Government Pension Scheme for Northern Ireland.
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