Associated British Foods (ABF) has appointed a default fund provider as parts of its pension scheme review ahead of auto-enrolment.
From October 2012, the scheme will offer its members flexible target date funds as the default option, which will be managed by investment management firm AllianceBernstein.
The international food, ingredients and retail group’s defined contribution (DC) pension scheme has more than 8,000 members with around £110 million of existing assets under management. Its auto-enrolment staging date is 1 February 2013.
Colin Hately, group pensions director at ABF, said: “In advance of auto-enrolment, we have undertaken a review of our pension offering to ensure that we continue to provide the best possible solution for our employees.”