UK - The £400m Roche Products Pension Fund has lambasted consultants Hewitt Bacon & Woodrow (HB&W) and has decided to sever a 24 year relationship with the firm.
Secretary to the fund for the pharmaceuticals company Douglas Ross said that the decision to replace Hewitt Bacon & Woodrow - which formed part of a “good practice” review - was driven by dissatisfaction over “poor service” and HB&W’s “complacent attitude”.
Other allegations levelled at HB&W include high charges and “missing deadlines”.
Roche has now chosen rivals Watson Wyatt to provide actuarial, administration, investment and communications services for the scheme which has 5,000 members. The firm will conduct an actuarial review for Roche next April.
A spokesman for Hewitt Bacon & Woodrow said: We believe that every effort was made to fulfil Roche's requirements and we regret the loss of their business just as we would regret the loss of any other client.
Hewitt Bacon & Woodrow has made some significant new business gains in recent weeks - including being appointed by Roche UK's Swiss parent company to advise on global benefit strategy. We will continue in our bid to provide both them and all our clients with the highest possible standards of service and expertise.
By Madhu Kalia
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.