William M Mercer has been appointed as consultant to the soon-to-be-launched Boxclever group pension scheme.
The scheme, which is due to launch at the start of October, is a result of the merger of the television and video rental businesses of Thorn - which trades as Radio Rentals - and Granada. The new company, formed last year, is jointly owned by Granada and Nomura.
Nigel Ross, senior consultant at Mercer's investment practice and consultant to the new fund, said he expects the new scheme to be worth over £100m. Approximately 4000 Thorn and Granada employees are expected to transfer to the new fund.
Ross also added that the new scheme will be comprised of final salary and defined contribution (DC) sections for the group's employees. Granada and Thorn employees transferring to the Boxclever scheme will have replica arrangements in place when they do so, he said. New employees will join the scheme's DC plan.
Mercer will be provide actuarial, benefits and investment consultancy services to the fund. Additionally, Mercer will provide documentation and member communication services, as well as advice on the appointment of scheme administrators.
By Geoffrey Ho
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers