Cardano appointed to the Brakes Final Salary Pension Scheme

February 2014

Cardano today announced its appointment as fiduciary manager for the £170m pension fund by the Trustees of the Brakes Final Salary Pension Scheme. The Trustees of the scheme worked together with the sponsor to conduct a thorough search of the market and were supported by PwC as an independent advisor.

Richard Dowell, Head of Clients for Cardano UK, said: “We are seeing an increasing interest from schemes of a similar size to Brakes who are now looking at the benefits that appointing a fiduciary manager can bring to the funding of their scheme - with a particular focus on a steady and stable growth in the funding ratio. We are very pleased to have been appointed and are enjoying working with such an engaged team".

Giles Payne, trustee, commented: “Cardano’s approach of controlling and improving our funding position stood out as being a key differentiator and attraction, as well as the clarity they bring to many of the decisions and processes. In a short time we have already seen the difference Cardano can make to our results, as our portfolio risk has reduced whilst maintaining the same expected return (net of all fees). Our decision to appoint Cardano has therefore given us, the Sponsor and, importantly, the members greater confidence and certainty.

Release date 19 February 2014