GLOBAL - Nissan Motors has appointed Mercer as global retirement consultant in a bid to strengthen its pensions governance structures.
The deal follows a testing period for Japanese multi-nationals as tightening credit markets and shifts in the exchange rate have left them exposed to potential funding losses in foreign pension plans.
However, the deal should enable Nissan to better manage its exposure to pension plans around the world.
As a part of the agreement, Mercer will support the car manufacturer in ensuring smooth information flow by providing a report summarising the activities and services that the firm has provided to Nissan's subsidiaries around the world.
Mercer Japan business leader in retirement, risk and finance Kazuhiko Ishikawa said Japanese companies like Nissan needed to focus on the mid to long-term implications of increasing deficit contributions and reviewing investment strategies.
Nissan senior actuary and account manager Shintaro Kitano added: "Nissan's initiative to strengthen the global governance structure around pensions and other benefits requires not only the timely collection of information in order to ensure an effective decision-making process.
"Given the degree of turmoil witnessed during the credit crisis, we also require a proactive approach that will help identify any additional challenges well in advance."
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.