UK – Bank note maker De La Rue has hired Hewitt Bacon & Woodrow to handle the administration of its 740 million-euro pension scheme – resulting in a loss of business for Aon Consulting.

“Hewitt Bacon & Woodrow, part of the global HR outsourcing and consulting firm Hewitt Associates has been appointed by De La Rue plc to handle the administration of its pension arrangements,” Hewitt said in a statement.

Hewitt spokesman Colin Mayes declined to disclose the value of the contract but confirmed that Hewitt had replaced Aon. Mercer Human Resource Consulting remains De La Rue’s investment adviser.

Graham Maundrell of De La Rue said: "We were impressed by the leading edge delivery, functionality and quality of member services that Hewitt Bacon & Woodrow can deliver. Hewitt's client focused solutions and value added service complement our aim to deliver the best service and benefits for members."

Michael Gamble, senior pensions consultant at Hewitt Bacon & Woodrow, said: "We are delighted with this new appointment and keen to meet the challenges it presents. De La Rue is a pioneer in its field and we are excited about this opportunity to work with them to deliver a high standard of pensions administration."

In its annual earnings statement for the year to March 29 2003, De La Rue said that it expected its regular pension costs to rise due to poor stock markets.