UK - Watson Wyatt is to end its actuarial operations for local authority pension funds.
The firm’s 21 local authority clients will be informed of Watson Wyatt's decision this week. The firm expects to sever all links by the end of October.
Hugh Chambers, a partner at Watson Wyatt, said: Our involvement with local authority pension funds has been declining in recent years and, when coupled with the growth of our firm, this now represents a small part of our business.
“To offer the range and quality of actuarial services that are required in the future would demand a disproportionate investment in the maintenance of knowledge and the conduct of research.
Watson Wyatt will continue to provide investment consulting services, including asset liability modelling studies, though not advice on AVC arrangements.
It will also offer other consulting services to local authorities, including self-insurance funds.
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