Hewitt, Philips, pensions, deal, HR, outsourcing

Hewitt expands European pensions administration business with completion of Philips deal

Hewitt Associates, a global human resources services firm, has today announced the expansion of its outsourcing capabilities in the Netherlands, having officially completed the acquisition of the pension administration business from Royal Philips Electronics, as announced earlier this year.

With this acquisition, Hewitt is now one of Europe's leading providers of pension administration services, serving more than 1.4 million people. The pensions administration activities acquired by Hewitt in the deal are part of Philips Pensions Competence Center (PPCC), which provides pensions management and administration services for approximately 165,000 scheme members.

Paul Howes, General Manager for Hewitt in the Netherlands, said: "The completion of this deal marks a milestone for Hewitt, not just in the Netherlands, but in Europe. The Dutch pension market is the second biggest in Europe and through this acquisition Hewitt is well positioned for growth in the Netherlands. This means that Hewitt is now a significant player in pensions administration in the five largest
European markets: UK, Switzerland, Belgium, Ireland and the Netherlands."

The Board of Trustees of Philips Pension Fund fully supports the transaction and has entered into a long-term partnering relationship with Hewitt for pensions management and administration services.

The entire transition of data and the implementation process is expected to be complete by the end of the calendar year, by which time 140 of Hewitt's associates will be working at the same location as the 90 effected employees of PPCC.