Shire switches provider for GPP scheme

Shire has switched to Norwich Union as provider for its group personal pension scheme.

The pharmaceutical firm made the change in February after a representative committee of employees expressed concern about the effect a restructure at former provider Friends Provident in January 2008 might have on its pensions business.

Alan Brown, Shire’s interim international benefits and HR policies manager, said: “The decision was driven by a bit of nervousness about Friends Provident, together with an opportunity to extend the investment funds available.”

A Friends Provident spokesman said it had maintained a strong capital position and was “resilient to further market movements”.