PCCW adds Schroders to DC lineup

Hong Kong corporate has shifted its employees to defined contribution and needed extra providers.
Hong Kong telecom corporation PCCW has hired Schroder Investment Management to serve as one of two defined-contribution service providers to its approximately 8,000 participating employees, says Lloyd Fischer, a finance and pensions adviser to the company.

PCCW converted a defined-benefit scheme to DC in November, 2005. It already had a DC scheme as well, with terms more generous than available under Hong Kong's Mandatory Provident Fund system. Fidelity Investments was its sole DC provider, offering members a range of lifestyle funds.

Until recently, however, most employees had participated in the DB plan, which involved six fund managers investing in a benchmark that was 75% equities. That scheme had become severely underfunded following three years of...
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