German utility giant Eon starts €2.5bn pension fund
German utility giant Eon has created a new pension fund structure that will cover 10,000 members and have €2.5bn (£2.15bn) in assets under management.
Eon acquired German energy company Innogy from RWE in 2019. Innogy’s pension assets from RWE Pensionsfonds were transferred to Willis Towers Watson’s Pensionsfonds in December that same year as an interim solution.
Eon will use the pension expertise of Willis Towers Watson for both implementation and the ongoing operations of the new pension structure.
Stefan Brenk, head of pension finance and asset strategy at Eon and CEO of Eon Pensionsfonds, said the firm was already laying the groundwork for the new pension fund as it was closing the Innogy transaction.
The Eon Pensionsfonds will further consolidate and centralise company pension schemes in the Eon Group, including its investment management.
Heinke Conrads, head of retirement solutions Germany and Austria at Willis Towers Watson, said: ‘We are pleased we were able to contribute to the success of the transaction with both the inclusion of Innogy pensioners in the Willis Towers Watson pension fund and the long-term transfer to the Eon pension fund.’
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