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Aon urges pensions funds to heed the single currency

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Aon Consulting is urging UK pension schemes to start preparing for the launch of the euro in January next year.


It says the initial impact of EMU will be on investment administration, because all trading, settlement and pricing of EMU bloc securities will be conducted in euros.


This will require redenomination of large numbers of securities, new bank accounts and significant changes to fund manager and custodian computer systems.


Aon Consulting investment specialist Claire Lumsdaine says: &#34Schemes may also need to make minor changes to their strategic asset allocation policy to reflect the disappearance of exchange rate risk in the EMU bloc.&#34

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