Telefonica O2 UK has appointed BlackRock as its investment-only provider to manage £30 million in assets in its defined contribution (DC) pension plan.
The DC part of the O2 Pension Plan has around 3,000 members who will now be able to choose BlackRock funds.
The multi-asset BlackRock DC Diversified Growth Fund is to be part of the new default option for members Approximately 80% of members in pension schemes will choose the default option available.
Jo Christie, pensions manager for the O2 Pension Plan, said: “We are committed to providing our employees with some of the best possible investment options on the market and since the majority of O2 Plan members invest in the default fund, we have worked hard to find the right solution for our people.
“From speaking to our employees, we know many of them want a fund that delivers steady growth over time and insulates the value of their pension against changeable market conditions. We believe a well-diversified fund, with the flexibility to actively change asset allocation in response to market conditions, is the best way to deliver this.”