Administration January 5, 2009
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.
Reported by Fred Schneyer
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.