Aon Hewitt, has today announced the acquisition, for an undisclosed amount, of Babcock International Group plc’s Pensions Administration Office (PAO) at Brims House, Forss, in Caithness, Scotland.
The PAO is an established provider of high quality pensions administration services. It currently employs 33 people providing administration services to pension schemes with around 80,000 members. Its main focus is the administration of public sector final salary schemes, but it has expanded over the last five years to take on the administration of other schemes including private sector schemes and those with Defined Contribution (DC) and Career Average Revalued Earnings (CARE) structures.
Aon Hewitt has been involved with the PAO since December 2010 when it partnered with Babcock to undertake a major operational review and change programme across the business.
Andy Cox, CEO of Aon Hewitt UK, said:
"The administration operation at Brims House is important to our strategic development plans in Scotland and in the UK more widely. The development and growth of the Forss business over the next three years is a key part of our strategy to enter and build our public sector pensions business.
"Given Aon Hewitt’s involvement with the Pensions Administration Office in Caithness over the past year and a half, we know that we are acquiring an exceptional team, with high standards and well-developed expertise."
Andy Cox continued:
"As market leaders in pensions administration, we have expressed our desire to expand our presence in the public sector market, and today’s announcement represents an ideal opportunity to further that ambition. We are committed to growing the business in Caithness over the coming years.”
Roger Hardy, Babcock's managing director at Dounreay said:
“I very much welcome Aon Hewitt’s commitment to the Pension Administration Office at Forss and its plans to grow the business as a core tenet of its strategic plan to enter and develop its public sector pensions administration business.
"We are working now with our partners to deliver more opportunities like this for other highly-skilled assets in Caithness – the talent pool that exists in our site licence company at Dounreay. We want to migrate these skills into new markets and bring more global companies like Aon Hewitt to the Caithness economy to help build an economic future beyond Dounreay and so ensure the site's lasting legacy is one of enterprise, investment and jobs.”
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