New bus pension scheme chooses Mercer
UK – Mercer Human Resource Consulting has been appointed by the newly established FirstGroup UK bus pension scheme.
Following the privatisation of the bus industry, FirstGroup plc has grown by acquiring bus companies throughout the UK. This resulted in the UK Bus Division operating approximately 35 pension schemes. The pension arrangements are now being rationalised into one scheme for all employees of the UK Bus Division.
The new career-average final salary scheme will have an initial active membership of 12,000 and a fund size of over 250 million pounds (353 million euros).
Mike Tyler, worldwide partner at Mercer, said: “We seldom see new final salary arrangement being established nowadays and we are very proud to have been awarded this prestigious assignment with FirstGroup.”