Mercer wins demerged Six Continents pension fund admin
UK – The demerger of the Six Continents leisure group has resulted in Mercer Human Resource Consulting winning the pension administration business for the group’s four former pension schemes.
Six Continents was demerged in April into pub group, Mitchells & Butlers, and the Intercontinental Hotels Group.
Mercer said it has been appointed to provide administration services to the trustees of four pension plans covering the defined benefit arrangements of the two Mitchells & Butlers Pension Plans, the InterContinental Hotels UK Pension Plan and the Britvic Pension Plan. Financial terms of the deal were not disclosed.
The firm said the appointment was made following the closure of Six Continents’ in-house pension department. The move involved the transfer of the companies’ existing pension systems to Mercer’s administration unit in Solihull.
The pension schemes have a combined asset value of around 1.2 billion pounds (1.7 billion euros) and around 40,000 members.
"Outsourcing is now an increasingly popular option for employers. We are delighted to have been appointed to take on these major projects, said Paul Couchman, head of Mercer’s administration practice.
Trevor Jones, director of pensions at the former Six Continents, said: "We conducted a comprehensive review and chose Mercer because of its ability to deliver best value in meeting our specific requirements."