UK – The Pension Protection Fund says it will appoint Capita Hartshead as its compensation administrator.
The appointment, which follows a “rigorous procurement exercise”, will help the PPF to “pay the right compensation to the right person at the right time”.
Capita will also provide associated customer support and administration services. Financial terms were not disclosed.
"The appointment of Capita Hartshead is a significant milestone in the development of the Pension Protection Fund, and supports our principle of using market solutions wherever appropriate,” said PPF director of operations Alan Duncan.
“Capita Hartshead has a proven track record in pension administration which will help us achieve our objective of paying the right person the right compensation at the right time.
"We will be working in close partnership with Capita Hartshead over the coming months to ensure the smooth transfer of pension schemes into the Pension Protection Fund, the first of which we are expecting in the autumn."
Capita Hartshead managing director Mike Addenbrooke said: "Our size and experience place us in a unique position to provide compensation administration services to the Pension Protection Fund that offer quality, reliability and value for money.”
The contract will be awarded for a period of three years, with the option to extend for a further period of two years.