JLT wins Tibbett & Britten pensions outsourcing
UK - Logistics firm Tibbett & Britten Group has outsourced its pension administration to Jardine Lloyd Thompson in a move that will see some of its staff transfer to JLT.
"Jardine Lloyd Thompson has been appointed to provide outsourced third party pension administration services to Tibbett & Britten Group plc," JLT said in a statement. A JLT spokeswoman declined to disclose the value of the deal.
Tibbett & Britten has closed its defined benefit scheme to new entrants and increased employee contributions. Its final salary scheme has around 15,000 members in total, made up of approximately 6,000 employed members, 6,500 deferred and 2,500 pensioners.
Tibbett & Britten's group human resources director Jo Robbins said: "By outsourcing our pensions administration we can benefit from new technology, improved risk and procedural control and industry expertise.
"Pensions continue to be a high priority business issue and working with JLT will allow us to focus more on member communication and policy issues."
Some JLT staff will initially work at Tibbett & Britten's offices, after which JLT will providing services from its London base.
Then some of Tibbett & Britten current in-house pensions staff are expected to become JLT employees and relocate to London.
John Broker, director of business development at JLT's administration solutions arm said: "As well as Tibbett & Britten we have also recently won similar projects with Sericol Limited, NextiraOne, Decorpart and Presspart".
Tibbett said in its 2002 annual report that its main UK scheme, the Tibbett & Britten Pension Scheme, had a net deficit of 72.1 million pounds (102.5 million euros) as at the end of 2002.