2026/27 Pension Fund - Investment Advice

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.