UK - Co-operative Pension Services (CPS) has outsourced its actuarial and administrative services for the trustees of over 30 pension schemes to Mercer Human Resource Consulting.
The appointment covers a number of CPS’ defined benefit schemes, with total assets of approximately £700m and membership nearing 46,000.
CPS, part of Co-operative Financial Services, previously provided the services in-house.
The outsourcing agreement will see 21 CPS staff transfer to Mercer’s Manchester office under Transfer of Undertakings (Protection of Employment) arrangements.
“Mercer demonstrated clear advantages, and we are confident that our former CPS clients will benefit from the service levels and economies of scale that an organisation like Mercer can offer, and from the continuity provided by our staff joining the team,” said John Reizenstein (pictured), executive director, finance and actuarial, of CFS.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point