UK - Sixteen pensions staff from the £2bn pension fund of brewer Scottish & Newcastle have left the firm to join Mercer as part of an outsourcing arrangement.
According to reports, the news follows the departure six months ago of Scottish & Newcastle’s head of pensions Ray Martin, who joined Mercer's Edinburgh office.
The departures follow the appointment of Mercer Human Resource Consulting to provide pension management services to Scottish & Newcastle’s defined benefit pension scheme.
The administration services were previously provided in-house. As part of the agreement, the 16 Scottish & Newcastle staff were transferred to Mercer’s Edinburgh office on 17 July.
A spokesman for the brewing firm said the staff were now permanent Mercer employees.
“The Scottish & Newcastle staff worked in a our pensions department, but with the decision that was taken to transfer the administration to Mercer, clearly the work they were doing in house has gone,” he commented.
Tony Graham, group HR director at Scottish & Newcastle and chairman of the Scottish & Newcastle Trustee said he was confident Mercer would provide an enhanced service to the plan’s members and greater development opportunities for the pension team.
The new Mercer contract includes actuarial and investment consulting, accounting and administration. The plan has a total membership of around 43,000.
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