Hewitt ousts Mercer at Polestar pension scheme
UK – The 350 million-pound (504.2 million-euro) pension scheme of printing firm Polestar Group has awarded a pensions consulting job to Hewitt Bacon & Woodrow, resulting in a loss for rival Mercer.
Hewitt, part of US-based Hewitt Associates, said it has won the pensions consulting, actuarial and investment advice brief for the trustees of the 7,000-member Polestar Pension Scheme.
A Hewitt spokesman said the firm won the business from Mercer. A Mercer Investment Consulting spokeswoman confirmed that Polestar had been a client, though not for adminsitration, but declined to comment further.
Catherine Hearn, Polestar’s human resources director and a trustee of the scheme, said: "We have developed a good working relationship with Hewitt through other work. Our decision to appoint them was based on this and their impressive modelling capability and a responsive and accessible team."
Hewitt said the appointment follows a recent benefits review by Polestar and the subsequent introduction of so-called ‘career revalued average’ pension provision within the scheme and a defined contribution plan for new entrants.
Hewitt actuarial consultant David Bush said: "As with other trustees, the scheme is facing increasingly complex issues. In particular, investment strategy is a key part of our brief - partly a reflection of the poor investment market performance over the last couple of years.”