XPS appointed as advisers to the Church of Scotland Pension Schemes
Following a competitive tender process, XPS Pensions Group (XPS), the UK specialist in pensions, investment and administration services is pleased to announce its appointment by the Trustees of the Church of Scotland Pension Schemes to provide actuarial and investment advice to its defined benefit pension arrangements.
The Church of Scotland is one of the largest organisations in Scotland, with over 330,000 members, and around 800 ministers serving parishes all around the country. The Church runs three defined benefit pension schemes collectively covering almost 5,000 members including staff, ministers and their dependents and had assets of £524m as of December 2020. At this stage of the Schemes’ development, the Trustees were looking to harmonise their advisers, by seeking out one firm who could advise on both actuarial and investment aspects in a joined-up way.
Graeme Caughey, Chair of the Trustees of the Pension Schemes said: “The Church of Scotland are delighted to appoint XPS as actuarial and investment adviser. This will serve the Schemes well in their next phase, now that all Schemes and sections are fully funded on a prudent actuarial basis. By completing an open tender for these services the Pension Trustees are implementing the best principles of governance and ensuring the Schemes are managed in the most efficient and cost effective way."
Alasdair Gill, Partner and Head of XPS Investment in Scotland said: “We are delighted to be working with the Church of Scotland Trustees and their in-house administration team to help them further strengthen the already strong funding position which the Schemes have achieved, and to help the Trustees navigate the new regulations due to come into force under the Pension Schemes Act 2021. We have an expert team who have a strong record of working together and look forward to sharing our insights and working closely with the Church and the Schemes’ Trustees.”