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Pharma major hires Mercer for DC review

UK - Pharmaceuticals giant GlaxoSmithKline (GSK) has hired Mercer Human Resource Consulting to review the design and investment strategy of its £850m (€1.3bn) UK-based defined contribution (DC) plan.

"The partnership will review GSK's DC plan design and investment strategy, which will be conducted in the context of the business's Total Reward, including other savings objectives," Mercer announced in a statement today.

Moreover, GSK wants to implement a group self-invested personal pension (GSIPP), a group personal pension scheme arranged by an employer but where contributions are paid into a fund owned by the employee and wider investment options than might usually be offered in a personal pension are managed by each policyholder.

Though the GSK fund declined to comment today, Mercer said it will also advice GSK on the transfer of in-specie shares to the GSIPP.

Tony Pugh, a principal at Mercer, commented the project allows "GSK to meet the challenges and changes expected from future legislation and DC trends".

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