UK-based international engineering company Weir Group has appointed Aon Consulting as the fund administrator for its company pension scheme.

According to a report from Investment and Pensions Europe, Aon will be given responsibility for a defined benefit pension scheme worth GBP436 million by the Glasgow-headquartered company.

Aon told IPE that the group’s decision to outsource was based on future outlooks and the cost of pension administration. Weir Group had previously self administered it pension funds but now felt professional outside management was needed. The scheme will be managed from Aon Consulting’s Glasgow office.

Chairman of trustees Stephen Foster said: We were impressed with the feedback we received on Aon’s administration service from existing clients. We are also pleased that the scheme will be administered in Glasgow.