LONDON – 21 June 2021: Willis Towers Watson’s (WTW) OneDB has been appointed to provide combined actuarial and administrative services for Eastman’s three UK defined benefit (DB) pension schemes. The trustees and sponsoring employer’s decision to appoint OneDB, following a competitive tendering process, follows WTW’s recent appointment to provide fiduciary management services for the same schemes, following a separate competitive tender.
Eastman, a US headquartered, global speciality materials company, has three UK defined benefit pension schemes covering nearly 2,000 members and over £300m of assets under management.
OneDB is Willis Towers Watson’s all-in-one solution for DB Pension Schemes, provides outsourced administration, actuarial, investment and consultancy services, while allowing trustees and sponsors to retain full strategic control of their scheme.
Elaine Washington, Director, Benefits Finance and Investments at Eastman, said: “After a strategic review of our scheme’s providers we decided we would benefit from having one provider for actuarial and administration services across all three pension schemes. After a competitive tender we were very pleased to appoint WTW’s OneDB to fulfil this brief.
“We could see the benefits that WTW’s vastly experienced actuarial and administration teams would deliver across our schemes. But importantly, OneDB’s technology platform also provides an enhanced level of engagement for our members through its member portal, as well as a reporting dashboard that enables the trustee board to accurately monitor real-time progress in each aspect of the schemes.”
“OneDB is perfectly placed to navigate increasing regulatory, actuarial and administrative complexities...”
Gareth Strange
Head of OneDB
Gareth Strange, Head of OneDB at Willis Towers Watson, said: “We were thrilled to be appointed by the trustees of Eastman’s UK pension schemes and we believe that OneDB is perfectly placed to help navigate the increasing regulatory, actuarial and administrative complexities involved with running multiple legacy DB schemes. OneDB outsources a lot of that burden, freeing up the trustees’ time to focus on the strategic objectives of the schemes.”
OneDB was launched in June 2018 and now has 18 clients, covering nearly 19,000 members and over £3.6bn of assets under management.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
