The UK organisation of Lockheed Martin has appointed Aon Hewitt, the global talent, retirement and health solutions business of Aon, to provide delegated investment services to its Pension Plan.
With over 110,000 employees worldwide, Lockheed Martin is one of the globe’s largest aerospace, defence and advanced technologies company. The firm was formed in 1995 by the merger of Lockheed Corporation with Martin Marietta, and is headquartered in Bethesda, Maryland, in the Washington DC area.
Last year this year the UK country organisation of Lockheed Martin decided to launch a search for a new fiduciary advisor for its £230 million defined benefit pension plan. In doing so, the defence expert engaged with several fiduciary providers, admits Chris Warren, chair of the trustees of the Lockheed Martin Pension Plan, and eventually opted for the services of Aon Hewitt, the HR and pensions advisory arm of professional services firm Aon. “We felt that Aon Hewitt offered us a complete solution that directly addressed our needs while also improving the governance of the scheme. Getting better control and management of the scheme’s key risks through greater diversification and use of liability driven investment, was one of the main reasons we chose Aon Hewitt,” explains Warren.
Tim Currell, partner at Aon Hewit, comments: “We have worked closely with The Lockheed Martin UK Pension Plan for the past 18 months and have built an incredibly strong relationship. We are very excited about this fiduciary appointment and to have the opportunity to design a solution that directly meets their needs.” Warren adds: “The strong relationship we have built up during this process has given us real confidence in their ability to deliver the service we need.