T-Mobile awards actuarial consulting to Mercer
UK – Mercer Human Resource Consulting says it has been appointed to provide actuarial consulting services to the pension scheme of mobile phone firm T-Mobile.
It said the 100 million-pound (148 million euro) defined benefit scheme has 5,500 active members.
“We believe that our experience of working with clients in the telecoms industry helped us to secure this important appointment,” said Mercer senior consultant David Hutchins.
“We are delighted with this success and look forward to working in partnership with T-Mobile.”
Mercer added it was in competition with Hewitt Bacon & Woodrow, PricewaterhouseCoopers and Watson Wyatt – and that PWC was the incumbent.
According to a survey last week by J P Morgan Fleming, Mercer advises 39% of the top 1,000 UK pension schemes
Meanwhile, T-Mobile’s parent company Deutsche Telekom says its employees are taking advantage of the new Telekom Pension Fund.
“Throughout the Deutsche Telekom Group, more than 20,000 employees have now opted to take part in the deferred compensation plan under the TPF,” Telekom said in its 2003 annual report.
It added that more than 85% of staff are opting to defer part of their gross salary. The total volume invested in the fund, launched in 2002, was more than 54.5 million euros at the end of 2003.