UK - Mercer Human Resource Consulting has confirmed up to 135 redundancies within its pension administration and consulting practices.
Approximately 100 jobs will be cut come from its pensions administration unit in Witham, Essex, which is due to close in May.
A further 35 consulting support positions have also been identified in its retirement practice, at other office locations.
All redundancies will be finalised by mid-May.
Mercer said the redundancies were part of a business strategy of “process streamlining, aggressive systems development and staff reskilling to meet changing needs in the pensions market”.
Head of administration practice Paul Couchman said: “This was a tough decision to take, knowing the impact on those affected. But we believe the option of closing a single unit in Witham offers the best solution for our staff and our clients.
“A record number of major new client wins are absorbing some of the surplus resources but we are not able to redeploy all our capacity.”
Mercer said one of the operational benefits of the closure was the ability to create a single national pension payroll facility by merging the Witham operation with its unit in Chichester.
The redundancies in the retirement practice mostly affect student and part-qualified actuaries in technical and consulting support roles.
Mercer’s UK business has more than 3000 staff at 17 offices.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.