The European Commission, Brussels, hired Aon Hewitt to set up the Retirement Savings Vehicle for European Research Institutions, said Andreas Dahlen, a policy officer at the European Commission.
The contract runs for four years, he said.
RESAVER is a new, pan-European retirement plan for researchers. It will allow researchers to move between countries and jobs without changing retirement plans.
Aon Hewitt will provide full technical support for the creation of the cross-border defined contribution plan, and was chosen after an extensive procurement process. Further details were not disclosed.
The consultant will set up the plan, which will open to organizations in at least nine countries that are still to be decided, said a statement from Aon Hewitt.
Aon Hewitt will select investment managers, annuity providers, custodians and reinsurance providers for the plan. It also will select an administrator and insurance providers for retirement and risk benefits, and will design, develop and implement a communications strategy to maximize saver participation.
“In response to market demand, retirement service providers are developing multicountry capabilities which make establishing European cross-border DC (plans) … a practical reality,” said Paul Bonser, partner and leader of Aon Hewitt's U.K. international retirement practice, in the statement. “We expect this trend to gather pace, extending the geographical coverage of cross-border … funds and enabling the coverage of smaller groups of employees on a cost-effective basis.”