Global speciality materials business Eastman has introduced combined actuarial and administrative services for employees in its three UK defined benefit (DB) pension schemes.
US-based Eastman, whose UK DB schemes cover nearly 2,000 members, outsourced the administration, actuarial, investment and consultancy services to Willis Towers Watson (WTW), while still allowing trustees and sponsors to retain full strategic control of the schemes.
According to Eastman, the new services will provide members with an online portal for their DB pensions, as well as access to actuarial advice, administrative services and relevant legal information. Eastman also recently appointed WTW to provide fiduciary management services for the same DB pension schemes.
Elaine Washington, director of benefits, finance and investments at Eastman, said: “After a strategic review of our scheme’s providers we decided we would benefit from having one provider for actuarial and administration services across all three pension schemes."
She explained that the organisation's new technology platform also provides an enhanced level of engagement for members through its member portal, as well as a reporting dashboard that enables the trustee board to accurately monitor real-time progress in each aspect of the schemes.
Gareth Strange, head of OneDB at WTW, added that the company will help with the regulatory, actuarial and administrative complexities involved with running multiple legacy DB schemes in order to free up the trustees’ time to focus on their strategic objectives.
