The Trustee of the Agfa-Gevaert UK Group Pension Plan has appointed pensions and risk consultancy Hymans Robertson as actuarial and investment consultant.
Agfa-Gevaert develops, produces and distributes an extensive range of analog and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications. Its headquarters is located in Mortsel, Belgium, which oversees production facilities around the world, including in Belgium, the United States, Germany, China and the UK. The largest operations in the UK are based in Leeds and Brentford.
Agfa’s UK pension scheme, which has approximately £300 million of assets and around 1,700 members, recently embarked on a journey to find a new actuarial and investment advisor. “The key objective was to achieve a clearer and better alignment of funding and investment approaches to the delivery of members’ benefits”, comments James Mullins, partner and scheme actuary at Hymans Robertson. Following a competitive tender process Agfa’s decision fell in the favour of his firm – one of the country's largest dedicated pension advisors.
Mullins says he is “thrilled” with the engagement, adding that his team “look forward to developing a long and successful relationship with the scheme.”
In a reaction on the news, Tom Clark, The Chair of the Trustee, comments: “Hymans Robertson clearly understood our situation and the long-term objectives of the Plan. They delivered a comprehensive plan on how we could secure the benefits paid to members, without placing unnecessary strain on the company, taking a joined up approach to actuarial and investment issues. We look forward to working with them.”