Industry reports say that Aon has clinched a five year deal to administer Allianz Cornhill's closed defined benefit pension scheme, which is worth GBP450 million.

The deal will see Aon looking after some 7,000 members under the terms of the agreement, which reports suggest was prompted by the rising cost to Allianz of managing such a large fund.

The defined benefit scheme was closed to new members in 2001.

Aon’s client relationship manager Ian Bloxham was quoted by Money Marketing magazine as saying: Our high-level of service approach across the board has meant we have been able to build up strong relationships with Allianz Cornhill that we hope to grow further.