Germany energy provider, Innogy, has transferred its pension-fund financed pensioners to Willis Towers Watson’s (WTW) Pensionsfonds AG multi-employer scheme.
It follows the acquisition of Innogy by Eon from RWE in September and will see WTW assume responsibility for pension assets totalling €2.6bn and around 10,000 members. WTW Pensionsfonds AG is one of the largest pension fund providers in Germany, with assets under management of €3.8bn.
WTW said contractual documents were prepared in a tight timeframe before the closing of the RWE/Eon deal. This included approval from BaFin, Germany’s regulator, along with all the subsidiaries involved.
For current and future Innogy pensioners nothing will change as a result of the switch in provider. Innogy senior project manager group finance, Diana Custodis, said: "Innogy attaches great importance to ensuring that processes run smoothly, not just in terms of energy supply but also for the bAV (company pension scheme).”
Along with the transfer of the entire Innogy pension fund portfolio from RWE Pensionsfonds AG, there was also a change in the trust structure.
WTW head of retirement Germany and Austria, Heinke Conrads, said she was pleased to support the companies involved in a “complex merger and acquisition situation”.
WTW believes the switch from a group to provider solution was “absolutely necessary” in the context of the takeover of innogy by Eon.
“In doing so, Innogy wanted to intervene as little as possible in the existing, proven workplace pension structures and to allow operating processes to continue largely unchanged,” it said.
“The company also attaches great importance to the short-term and long-term cost-effectiveness and flexibility of the solution, which offers scope for joint solutions in the future.”
Recent Stories