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The Actuary The magazine of the Institute & Faculty of Actuaries
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Offshoring

Watson Wyatt announced plans to implement a pan-European pension valuation system and is setting up a new valuation centre which will eventually handle all pension valuations across Europe.

The firm has decided to adopt a strategy of delivering the back-office processing element of all valuations through a valuation centre. This change will take some time to implement – at present it is expected that work will start being passed to the centre in 2007, with a steady build up to full capacity by 2010. The new European valuation centre will be based in India, where Watson Wyatt has existing operations. All contact with clients will continue to be managed by teams based in Europe. At the same time, the existing actuarial software in Europe will be upgraded with a new system which has been developed and is now in use by Watson Wyatt associates in north America. This new system is currently being tailored for use across Europe and will be ready for the opening of the valuation centre in 2007.