UK teachers’ pension scheme in technology move
UK – The UK’s second largest pension fund, the Teachers Pension Scheme, is to get access to a range of mobile technology via an outsourcing deal with services firm Capita Group.
The new contract, building on an existing contract between the scheme and Capita, is worth 62 million pounds (90.4 million euros) over seven years. The teachers’ scheme is the second largest pension scheme in the country with 1.4 million members.
“The contract is worth 62 million pounds over the next seven years, effective from October 1 2003,” Capita said in a statement.
Capita, via its pensions administration arm Capita Hartshead, is to supply a new service platform that can support new technology such as wireless application protocol, short message service and third generation mobile telephony.
Capita says the new platform would offer “huge benefits of flexibility and efficiency for the future”.
Schools minister David Miliband said: “Capita's proposal offers value for money and high quality service for members, pensioners and employers.”
Capita chief executive Rod Aldridge said the deal was of “strategic importance” in its aims to become a force in the life and pensions market.