Babcock and Aon Hewitt announce Thurso pensions administration partnership
LONDON: Babcock International Group plc (Babcock) has announced a partnership with Aon Hewitt, the global human resource consulting and outsourcing business of Aon Corporation (NYSE:AON) which will see Aon Hewitt introduce a major operational review and change programme to Babcock’s Pensions Administration Office (PAO) in Thurso, Scotland.
The partnership with Aon Hewitt comes as part of a significant investment Babcock is making in its PAO. Babcock and Aon Hewitt aim to grow and develop the PAO to better enable it to attract new clients while enhancing its offering to its existing client base. The investment is designed to secure existing jobs and to create a platform for further new job creation in the Thurso region. A full training and development programme for existing staff will also be implemented and supported.
The PAO is an established provider of high quality pensions administration services. It currently employs 37 people providing administration under contracts which encompass more than 72,000 members. Its main focus is the administration of complex final salary public service schemes, but it has expanded over the last five years to take on the administration of additional schemes including the private sector, DC and CARE structures.
Under the partnership, Aon Hewitt will provide guidance, expertise and experience in the pensions administration field in order to support a programme of change. The announcement of the partnership follows a host of major pensions administration contracts recently secured by Aon Hewitt including BMW and Premier Foods’ RHM pension scheme.
Andrew Birkett, group pensions manager of Babcock said: “The hardworking nature of the Thurso-based team, their track record for providing a good quality service, aided by our partnership with one of the UK’s leading pensions administration providers, gives the business an undisputable platform from which to grow. Babcock is committed to the local area and it is hoped that the drive to expand the business will have the added benefit of creating further opportunities for local employment.”
Stuart Heatley, pension administration practice leader at Aon Hewitt said: “We are delighted to have this opportunity to expand on the work Aon Hewitt already undertakes for Babcock by including its PAO in Thurso. We look forward to introducing a measured programme of transformation in order to build on the high quality service already provided to their existing clients and to scheme members.”
About Babcock International Group Limited
Babcock International Group PLC is a FTSE 250 company and the UK’s leading engineering support services organisation with recorded revenue of circa £3 billion in 2010, an order book of around £12 billion, and 27,000 employees worldwide. Through its acquisition of the United Kingdom Atomic Energy Authority in 2009, Babcock International Group has become the parent body organisation for Dounreay Site Restoration Ltd.
About Aon Hewitt
Aon Hewitt is the global leader in human resource consulting and outsourcing solutions. The company partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance. Aon Hewitt designs, implements, communicates and administers a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. With more than 29,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees. For more information on Aon Hewitt, please visit www.aonhewitt.com.
Aon Corporation (NYSE:AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resource consulting and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon’s industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world’s best broker by Euromoney magazine’s 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance’s listing of the world’s insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit http://www.aon.com for more information on Aon and http://www.aon.com/unitedin2010 to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
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