2026/27 Pension Fund - Investment Advice

Location

Description

The Trustee has appointed Aon as Investment Adviser to the Electricity Supply Pension Scheme (ESPS). The appointment is in line with legislative requirements which mandate that pension scheme trustees obtain advice from a suitably qualified and regulated investment adviser. In accordance with the ESPS Trust Deed and Rules, costs associated with investment advice are permitted to be charged directly to the pension fund. These costs are not paid directly by the employer but are instead recharged to the Scheme and met from Scheme assets, which are ultimately funded by employer contributions.

Award Detail

CPV Codes

• None found

Legal Justification

The contract has been directly awarded to AON in accordance with the requirements of the Electricity Supply Pension Scheme (ESPS) Trustee. The Trustee is legally obligated to appoint a suitably qualified and regulated Investment Adviser to support the effective governance and management of the Scheme. AON is the incumbent Investment Adviser formally appointed by the Trustee and provides regulated investment advisory services to the ESPS. As this appointment sits solely with the Trustee, the employer does not have the authority to appoint an alternative provider or to competitively tender this requirement. In line with the ESPS Trust Deed and Rules, investment advisory fees are required to be met from the Scheme and are therefore recharged to the pension fund rather than being directly procured and paid for by the employer. These costs represent the only category of expenditure that may be charged directly to the Scheme in this way. This award is an administrative task by NRS to enable the processing and management of these charges rather than a procurement decision. Competition is not applicable in this instance, and a direct award to AON is the only compliant and appropriate route.

Other Information

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