Support services company Babcock International Group is to consolidate its existing unbundled defined contribution (DC) schemes and contract-based plans for the group in the UK
The new pensions arrangement will provide a single defined contribution (DC) pension scheme for employees without access to its existing defined benefit (DB) schemes.
All new staff, as well as members of existing DC schemes, will be transferred into this new arrangement, which includes bespoke funds and online access to a further range of funds.
Babcock International has appointed Friends Provident to administer the new pensions structure.
Andrew Birkett, group pensions manager at Babcock International, said: “As a result of a number of acquisitions, the group was running over a dozen different DC schemes.
“The group has a long established history of occupational pension provision and we wanted to consolidate all of them into one of our existing trust-based schemes, which would offer our members some quality investment options at very competitive prices. We also wanted access online with the ability for our members to be able to switch existing funds or their future contributions easily.”
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