UK - Oilfield services company Schlumberger has outsourced the administration of its UK pension scheme to Watson Wyatt.
The mandate expands an existing relationship between the firms. A spokesperson for Watson Wyatt said the firm already provides actuarial and consultancy services to Schlumberger on a wider basis but the administration mandate related solely the company’s UK pension scheme.
Commenting on the decision, Keith Brims, pensions manager of Schlumberger Plc, said he hoped the extended partnership would add to the company’s strong commitment to providing pension benefits for its employees.
Clive Witherington, partner of Watson Wyatt, said the appointment followed an open market tender and reflected the strength of the consultant’s ePA web solution.
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Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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