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IPE special report May 2018

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Mercer Netherlands’ manager Sprenkels leaves

NETHERLANDS - Ruud Sprenkels, head of the Netherlands at consulting firm Mercer Human Resources, has resigned (amends title).

He was unavailable for comment, as apparently some of his clients have not yet been informed of the move.
 
Sprenkels is a former chairman of the International Association of Consulting Actuaries. He's also is the chairman of the Dutch Actuarial Association's working group ‘Interpretation Independence' and the actuary of the Dutch pension fund for public libraries (POB).

Meanwhile, Mercer has release a survey of private equity deals which shows that pension liabilities are now a significant factor in bid negotiations

"Pension liabilities are having a significant impact on private equity deals, and are becoming a more influential factor in bid negotiations," Mercer and affiliate firms Marsh and Kroll said.

The survey of 100 leading private equity firms in Europe found that almost a fifth of respondents (19%) had pulled out of a deal because the target company had an under-funded pension scheme.

They said: "The introduction of a new Pensions Regulator means that UK companies need clearance before they can proceed with corporate transactions, to ensure pension scheme members' benefits are not put at risk. 

"This has added a new dynamic to private equity deals and intensified price negotiations."

Some 40% of survey respondents now mitigate against the risk of under-funded pension schemes by adjusting the price of the deal - while 21% use warranties and indemnities. 

"Like sleeping giants, pension liabilities have started to stir and make their mark on private equity deals," said Mercer partner Eric Warner.

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