UK - The £295m (€420.6m) defined benefit pension fund of global brewer InBev has axed Paymaster as pensions administrator in favour of Watson Wyatt (corrected).

Following a competitive tendering process launched about a year ago, Watson Wyatt was appointed to perform pension administration and accounting services by an in-house pensions manager. The tender was launched following a regular review process.

An InBev spokesperson told IPE that its pension administration services have always been outsourced.

InBev - makers of Bass, Stella Artois and Beck's - was established via a merger of Interbrew and AmBev, and is headquartered in Belgium.

Yesterday, a spokesperson for Paymaster told IPE that the brewer's pension administration was taken in-house following the merger, and subsequently was put out to tender.

According to a Watson Wyatt spokesperson, "InBev previously used an in-house procurement team."

Watson Wyatt senior consultant Steve Kortens was "delighted" at the appointment.

Meanwhile, InBev pensions manager Rebecca Shevill said in a statement: "Having met on several occasions during the selection process, we were convinced that Watson Wyatt would provide a really high standard of service to our members."

The DB scheme has roughly 5,000 members, including 2,400 active members. The InBev spokesperson stated that the DB scheme closed to nw members in March 2003. However, there is a DC scheme for new members.