US - Towers Perrin and Watson Wyatt have completed their US$4bn merger, creating their new firm Towers Watson.
In a release yesterday, Towers Watson said it would begin trading on the New York Stock Exchange and NASDAQ today. The firm valued the merger, originally announced in June, at $4bn using Watson Wyatt's closing price on December 31. (Global Pensions; June 23, 2009)
The firm also said it planned to pay out $200m and issue an equal amount in one-year promissory notes to "certain Towers Perrin shareholders who have voluntarily elected to terminate their employment with Towers Watson".
Watson Wyatt chief executive John Haley will serve as Towers Watson chairman and CEO. Tower Perrin CEO Mark Mactas will serve as deputy chairman, president and chief operating officer.
The merger received shareholder approval on December 18 and clearance by the European Commission earlier in the month. (Global Pensions; December 22, 2009)
The Pensions and Lifetime Savings Association (PLSA) has revamped the standards for its Pension Quality Mark (PQM) in a bid to raise the quality of single-employer defined contribution schemes.
People approaching retirement are "systematically misjudging" their longevity and undervaluing annuities, the Institute for Fiscal Studies (IFS) says.
Professional Pensions is holding a breakfast briefing on engaging defined contribution (DC) members on 7 February.
Panellists at a PP webinar discuss October's High Court judgment on GMP equalisation, how schemes have responded, what their strategies should be, and how the industry can approach it.