UK – Mercer Investment Consulting has lost a consulting brief with the £120m (€178.9m) UK defined benefit pension scheme of cosmetics company L’Oréal.

The scheme has hired Buck Consultants as its provider of actuarial, strategic investment and pension management services.

Buck – the former Mellon arm that was recently taken over by US-based ACS - said it also provides consultancy services to L’Oréal UK defined contribution scheme. It also provides medical, group death-in-service and group income protection consultancy services to L’Oréal.

Nikki Rolfe, human resources director at L’Oréal UK, said: “Our UK pension plans and accompanying benefits are an important part of the rewards we offer our employees.”

“Buck Consultants demonstrated a clear understanding of our culture and objectives. We look forward to working with them as we continue to develop our benefits as a leading employer in a competitive marketplace.”

Mercer spokeswoman Jackie Barber declined to comment.

Meanwhile, Mercer Investment Consulting has hired Watson Wyatt’s Fred Berry to advise clients about strategy, fund manager selection and defined contribution scheme investment.

Berry takes up his new post as senior investment consultant today. As well as advising clients he is also expected to contribute to the firm's research of liability-driven investment.

“I look forward to helping clients with their investment issues and contributing to the firm’s investment research,” he said. He reports to Fiona Dunsire, head of the city unit at Mercer.

At Watson Wyatt he was a senior investment consultant in the Bristol office, which he left in May 2004. Before Watson Wyatt he was an actuary at Lane Clark and Peacock. Berry is a Fellow of the Institute of Actuaries.

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