Bosch chooses actuary
(Updated on 18-06 with comments from Bosch)
GERMANY - White goods producer Bosch has chosen BodeHewitt as its pensions actuary for the company from 2008.
The German subsidiary of Hewitt said it has won a two-year mandate with the DAX blue-chip company to evaluate calculations on the group's occupational pension liabilities.
Bosch, one of the biggest companies in Germany, was the first to set up a so-called Pensionsfonds, a relatively-new vehicle that allows cross-border operations.
Speaking to IPE, Bernhard Wiesner, head of corporate pensions at Bosch, said
BodeHewitt had replaced the previous actuary Dr Dr Heissmann.
"There was an auction for the actuarial mandate which many firms
participated in. Based on a range of criteria, BodeHewitt managed to win the
mandate which will be valid from 2008 to 2010," Wiesner said.
Wiesner added "there's no question" Heissmann would continue to handle the administration for Bosch's German pension liabilities.
The Bosch Pensionsfonds (BPF), which currently has assets in excess of €600m, last year won two IPE-Awards, for Best Corporate Pension Fund and Best Small European Pension Fund.
Last month, Heissmann, Germany's leading actuarial and pensions firm, said
it had agreed to a merger with US peer WatsonWyatt. The deal is expected to
close by the beginning of July.
BodeHewittwas created in 2005 through a merger of Hewitt's German retirement andfinancial management operations and Bode Grabner Beye.