UK - Mellon Financial Corp.'s investor solutions arm says it has won a contract to provide pension administration and actuarial services to US-based industrial group Textron's UK defined benefit plans.
Mellon would handle four plans: David Brown Group plc, Textron Fastening Systems, Ransomes Jacobsen and Textron Ltd. The plans cover 12,000 members.
Mellon said the schemes have a total value of £280m. They were previously serviced by five providers: Hewitt, Watson Wyatt, Aon, Mercer and Mellon itself.
Mellon's Human Rsources & Investor Solutions business said it had been appointed preferred provider for the schemes. "The transfer to Mellon consolidates providers and promotes consistency across all Textron's plans in the UK," Mellon said.
"Textron's goal was to identify a preferred provider of administrative and actuarial services to its UK pension plans," Textron's assistant treasurer Deborah Imondi was quoted as saying.
"After an exhaustive and comprehensive review of its current providers, the trustees identified Mellon as the provider best suited to service Textron's plans.
"The Textron trustees and the company look forward to working with Mellon to ensure world-class pension services are provided to our participants in a cost effective and efficient manner."
Eddie O'Hara, managing director of Mellon HR&IS in Europe, said: "The team at Mellon are delighted with this appointment and are relishing the opportunity to realise the forward thinking plans of the trustees and the companies of the four plans involved."
Textron makes Bell helicopters and Cessna planes.