EUROPE - Consultancy firm Watson Wyatt has lost a pension services mandate with Metso Mineral (UK) to Aon Consulting.
Aon will take over a three-year contract on December 1, providing “full pension services including actuarial consultancy, administration, legal, investments and risk”, the pensions, benefits and human resources consultancy firm said in a release.
Metso Minerals (UK) Ltd, the second largest company in Finland, supply quarry, construction and engineering equipment.
Deanna Karstens, financial controller and chair of the trustees at Metso Minerals said Aon would not be managing the fund’s money.
Aon previously provided pensions administration to a company acquired by Metso Minerals but following the acquisition, the pension schemes were merged and Watson Wyatt took over all pension services.
“During the two year period Aon Consulting built up a strong relationship with the new trustees and new management and also continued to provide actuarial services to the company including the administration of the Group Life Scheme,” Aon said.
Karstens said the merging of the two plans meant Metso no longer needed two pension administrators - Watson Wyatt and Aon.
Aon was selected for its “common sense approach” and ability to meet Metso’s business needs, she said.
Julie Taylor, client relationship manager at Aon commented: “We are delighted to be able to extend our work to cover all of Metso Minerals pension schemes. We have built a strong relationship with the new trustees and new management and we look forward to continuing this relationship further.”
“We were impressed by the team’s enthusiasm and the relationship that has developed,” Karstens added.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.