Henkel AG & Co., Duesseldorf, Germany, hired Mercer as actuary for all of its defined benefit pension plans globally, confirmed spokesman Wulf Klueppelholz.
It is the company’s first move to a single actuarial provider, Mr. Klueppelholz said. He declined to name the previous providers.
“Through this appointment, Henkel will achieve a more standardized and streamlined approach, together with greater transparency for its defined benefit schemes across the world,” Giles Archibald, Mercer senior actuary and consultant, said in a Mercer news release.
The company’s German and U.K. pension funds have €1.7 billion ($2.3 billion) and £90 million ($143 million), respectively, according to Pension Funds and Their Advisers, while its U.S. fund has $1.1 million, according to the Money Market Directory of Pension Funds and Their Investment Managers 2008.