UK - Hewitt Bacon & Woodrow is making some changes to its UK actuarial practice, splitting its retirement and financial management practices in two: RFM core services and RFM consulting.
“We are developing a new way of doing business with our clients which reflects the wider changes that are taking place in the market and for Hewitt as a business,” said a spokesman for the firm, part of US-based Hewitt Associates.
He said Hewitt was growing its outsourcing business “particularly for pensions and flex” but also for new services around workforce management, payroll and business process outsourcing.
“For the ‘traditional’ actuarial side of the firm,” the spokesman said “the market changes from DB defined_benefit to DC defined_contribution mean that our business needs to adopt a different shape - on one side more disciplined and process-driven, while on the other seeking wider opportunities for broader consultancy working closely with clients.”
RFM Core services, he explained, include several hundred of our people producing the vast majority of calculations and output to clients.
RFM Consulting, will consult around pensions but with “a broad perspective”, aligning results with clients' corporate and human resources objectives and helping clients adapt to change.
“While all this is an ongoing process, we are looking to have things in place by the final quarter of the calendar year,” he said, adding that there was no specific plans “around the headcount”.
“At the moment there continue to be new employment opportunities within the firm in delivery and broader consultancy.”