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XPS appointed as actuarial and investment advisers to the Heart of England Co-operative Pension Schemes

XPS appointed as actuarial and investment advisers to the Heart of England Co-operative Pension Schemes

15 Feb 2021

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 Trustee of the Heart of England Co-operative Pension Scheme to provide actuarial and investment advice to its defined benefit and defined contribution pension arrangements.

Founded in 1832 and based in Coventry, Heart of England is an independent consumer Co-operative Society offering a wide range of food and funeral services across the West Midlands, Warwickshire, Leicestershire and Northamptonshire. The Scheme has nearly £50m of assets that provide pension benefits to around 1,000  members. The Trustees sought an adviser who clearly understands the unique way Co-operative Societies operate and can help them effectively work with the Society to implement an investment strategy focussed on meeting its funding objectives and security of members’ benefits.

Ian Bain, Financial Controller & Secretary at Heart of England Co-operative Society said:

“The Trustees and Society wanted to work with an actuarial and investment adviser who demonstrated a clear understanding of the Society and our values. We were looking for proactive advisors with smart ideas to help us implement an investment strategy to meet our objectives whilst managing our risk exposure. We were really impressed with the ideas from XPS and their use of their Radar technology enabling the Trustees and Society to work together to quickly implement change.”

Nigel Wilmin, Partner and Head of XPS Birmingham commented:

“We are delighted to be working with the Society and Pension Scheme Trustees to help them ensure their members receive their benefits in full. Furthermore we have been able to help the Society achieve better outcomes for its DC members and also add value to managing the Society’s funeral plan arrangements in the face of increased regulation. We have an expert team who have deep understanding of this sector and look forward to sharing our insights and working closely with Heart of England Co-operative and the Scheme Trustees.”

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