EUROPE – John H Smith, head of European pension investments at the 402 million-pound (610 million-euro) Pfizer Pension Scheme, has joined the 1.8 billion pound Marsh Mercer defined benefit pension scheme as director, corporate finance and investments.
At Marsh, Smith said: “I will be working with the trustees and company looking at the DB and DC schemes, in an oversight role as before.”
Mercer Investment Consulting provides the investment advice, although with the same relationship as with any client, Smith said. Hewitt Bacon & Woodrow advises Pfizer.
Smith left Pfizer’s Stockholm office, where he oversaw the UK and European pension schemes for the pharmaceuticals company, after its acquisition of Pharmacia & Upjohn in early 2003 led to the transfer of the treasury operation managing the pension funds to Dublin. Pfizer declined to comment.
The Pfizer scheme 5,054 members with 1,700 pensioners, according to ‘Pension Funds and their Advisers 2004’. Annual contributions are 113.7 million pounds and the scheme is 45% invested in equities, 40% overseas equities and 15% in bonds at the latest available summary.