UK – Siemens affiliate, Omnetica, has appointed Mercer Human Resource Consulting to provide actuarial and investment advice for its new defined contribution scheme.
Omnetica was established last September and consists of the former Siemens Network Systems Limited in the UK, Arche Communications in France, and PRES in Italy. A new DC scheme was established for the UK employees of the new company, and commenced April 1 this year.
Open to all 500 UK employees, the scheme will have different employer contribution levels depending on the terms of its employees’ defined benefit pensions formerly with Siemens.
Credit Suisse’s Winthertur has been appointed to head up administration for the new scheme, and multi-manager Escher Teams, will be the fund’s investment manager. Escher was picked from 14 respondents.
Omnetica is a European provider of network solutions and services, and is 81% owned by Kohlberg Kravis Roberts and Co., a US private equity firm and 19% owned by Siemens AG.