BT Pension Scheme (BTPS) Management has rebranded as Brightwell and announced its first external fiduciary management deal with the defined benefit (DB) section of the EE Pension Scheme.

BTPS Management is the primary service for the BTPS and has announced that, alongside its new trading name, it will be opening its pensions management services to other DB pension schemes.

It was appointed as fiduciary manager of the DB section of the EE Pension Scheme, which has around 8,000 members and £1bn of assets under management, following a competitive tender process.

Brightwell will provide fiduciary management services covering investment strategy, manager selection, portfolio management and oversight to the EE Pension Scheme.

The firm will also look for further opportunities to offer its services to a select group of larger DB schemes that want to make use of its capabilities.

The BTPS will continue to be supported by Brightwell, with the company confirming that there will be no changes to the scheme or for its members.

BTPS Management’s subsidiary Procentia will offer pensions software solutions to global clients and Brightwell said it would be a “key part” of its business strategy.

Two new non-executive directors have been appointed to Brightwell: Denise Le Gal will be independent non-executive chair and remuneration committee chair, and will be responsible for leading the board and ensuring it fulfils its collective responsibilities, and Kevin Troup joins as a non-executive director and will chair the board’s risk, audit and compliance committee, with a focus on ensuring robust oversight of Brightwell’s risk management approach and internal controls.

“DB pension schemes are at an inflection point,” said Brightwell CEO, Morten Nilsson.

“The economic outlook is challenging, the portfolio risks posed by climate change need careful management and members expect high-quality online services which demand increased investment.

“We devised and implemented an ambitious programme of transformational improvement to the services we provide BTPS and learned a huge amount along the way.

“We are delighted that from today we can mark the next stage of our development by offering our unique skills and experience to EE Pension Scheme.”

BTPS chair of trustees, Otto Thoresen, added: “BTPS is maturing as a scheme. Making Brightwell’s services available to EE and other schemes helps to answer the challenge of the scheme securing access to the depth of resource we need to maintain quality service for our members and safeguard their long-term interests.”

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