THE management of pension schemes within the Co-operative Movement has been transferred from Co-operative Financial Services to Mercer Human Resource Consulting.
The group has been appointed to provide actuarial and administration services for the trustees over 30 pension schemes primarily within the Co-operative Movement.
The appointment covers a number of defined benefit schemes, with total memberships of around 46,000 and assets of approximately £ 700 million.
Co-operative Pension Services (CPS), part of CFS, previously provided these services. Twenty-one CPS staff will transfer to Mercer's Manchester office.
"We are absolutely delighted with this success," said Mike Tyler, Head of HR Services at Mercer. "This is a very significant appointment for Mercer in the UK and demonstrates our commitment to providing outsourced solutions for our clients."
"We felt this gave the best possible way forward for our former clients and for our staff," said John Reizenstein, Executive Director, Finance and Actuarial, CFS.
"Mercer demonstrated clear advantages, and we are confident that our former CPS clients will benefit from the service levels and economies of scale that an organisation of Mercer's size can offer, and from the continuity provided by our staff joining the Mercer team."
• The long-running dispute between CIS and 2,000 of its financial advisers is over following a joint announcement by CIS and trade union Usdaw that over 90 per cent of affected staff have agreed to the new terms of employment under the field sales model.
CIS's parent company CFS and Usdaw met for further talks on the Model and agreed that it is in the best interests of customers and staff to jointly bring this current dispute to a conclusion.
CFS and Usdaw have agreed to establish a working party to allow them to monitor progress and review the field sales model over the next six months and have agreed to work together to help build CFS into a leading financial services organisation.
Usdaw members will be balloted on this issue within the next few days, with a strong recommendation to accept the agreed approach.
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