IRELAND - Watson Wyatt, the global consulting firm, has agreed to acquire KPMG's pension and actuarial group in Ireland for an undisclosed sum.
This deal follows KPMG’s decision to sell its actuarial business in Belgium to Aon Consulting late last year.
The Irish business is part of KPMG's people strategies division and advises clients on the design, implementation, communication and ongoing running of occupational pension schemes.
Denis O'Connor, managing partner of KPMG in Ireland, said: This decision has been reached in the light of growing sophistication in the pension and actuarial advice required by clients and increasing independence requirements.
The team is led by Raymond McKenna and includes two senior actuaries, Paul O'Brien and Brian Mulcair. In all, ten employees will move to Watson Wyatt. Watson Wyatt employs 60 people in Ireland.
Kevin Spring, managing consultant for Watson Wyatt in Ireland, said: This acquisition is part of our commitment to expand our business in Ireland, whilst at the same time maintain our commitment to quality and a high level of customer service. The professional standards of KPMG and Watson Wyatt are very compatible.
The acquisition of KPMG's pension and actuarial team positions Watson Wyatt as Ireland's second largest pension and actuarial consultancy.
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.