Philips Sues Hewitt over UK Pension Work
January 5, 2009 (PLANSPONSOR.com) - The trustees of
the £2 billion-Philips Electronics UK pension fund have sued
Hewitt Associates and a former top executive over what the
trustees claimed were actuarial errors committed from 1995 to
2000.
Philips told IPE.com that its damages from the
disputed actuarial work are between £75 million and £103
million.
Philips and Philips Pension Trustees Ltd. filed
suit in the High Court of Justice, Chancery Division, in
London, against Hewitt Associates and former European
consulting head Roger Parkin, according to IPE.
Parkin left Hewitt last July after 30 years with
the firm.
Hewitt said in its annual report that its insurer
has "denied coverage" relating to the matter, but Hewitt
disputes this position and "fully intends to enforce its
rights under the policies at issue," according to the
news report.
Fred Schneyer
editors@plansponsor.com