Consultant William M Mercer has been appointed to set up a new group pension scheme for UK automotive systems company Johnson Controls.
The money purchase arrangement follows a review of the company’s pension strategy and is expected to have a membership of 3,000 employees.
Pensions manager Khalid Iqbal explained that before the review, only one of Johnson’s divisions had a money purchase scheme in place.
The group decided to extend the money purchase arrangement to the other two divisions so that employees could have the option of a defined contribution or a money purchase scheme.
Mercer will monitor the construction of a human resource pension website for Johnson Controls. The consultant’s services will include actuarial, investment and communication consulting, together with pensions administration.
By Janet Du Chenne
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