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.”
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