International M&A: The importance of independent actuarial advice and local expertise By Dominic Clark | 08 March 2018 Challenge Our client is a global IT company. Prior to becoming a client of Milliman, this company acquired an operation in Spain, thereby taking on a local retirement program, with its associated assets and liabilities, including a defined benefit pension obligation. As part of the acquisition process, an actuary—appointed by the seller—carried out an actuarial valuation of the existing local retirement liability. Due to a relatively close relationship between the two parties, the buyer did not appoint its own independent actuary to advise it during the transaction, instead relying on the seller’s actuarial valuation. Shortly after the acquisition, the company appointed Mi

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