UK - Ciba Specialty Chemicals has appointed Watson Wyatt to manage its UK pensions administration and accounting functions, replacing KPMG.
Ciba said it selected Watson Wyatt for its capability to offer a proven web solution. Jackie Broughton, pension fund manager and secretary of Ciba Specialty Chemicals (UK) Pension Trust Limited, said: We are really pleased with the transition process and intend to use the web solution to help us provide more immediate help to members in their retirement planning.”
Ciba's defined benefit scheme has an overall membership of around 4,500, including 2,400 active members, and a fund size of £400m.
Clive Witherington, a partner of Watson Wyatt, said: The respective people involved in the evaluation process met on several occasions and developed a very good rapport and understanding of each others’ requirements. We ‘hit it off’ from day one.”
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.
Smart Pension has absorbed more than 6,500 members from the Corporate Pensions Trust (CPT) after its trustees decided not to apply for authorisation.
The Defined Contribution Investment Forum (DCIF) has reappointed Vivek Roy as chairman for 2019 following a vote at its annual general meeting last November.