UK - Oil services firm Schlumberger has transferred the administration of its UK pension scheme to Watson Wyatt, resulting in the transfer of up to five staff to the consulting firm.
Schlumberger pensions manager Keith Brims told IPE that the company had “agonised” over whether to outsource – and that the decision came down to Hewitt Associates and Watson Wyatt.
It decided to go with Watson, with whom it has a long-standing actuarial relationship. He said the firm went through a “massive exercise” to decide on the provider.
He said four to five staff had transferred to Watsons as at May 1. Financial terms of the deal were not disclosed.
Watson partner Clive Witherington said: "This was an open market competitive tender. The appointment is a credit to the quality and experience of the Watson Wyatt team and the strength of our ePA web solution."
Brims added: "Schlumberger is a company that takes the provision of pension benefits for its employees seriously. By working in a successful partnership with a firm of Watson Wyatt's standing we can only add to that commitment."
According to ‘International Pension Funds and their Advisors’, the scheme has assets of €599m.