UK - The London Borough of Hackney Council has appointed Xafinity Paymaster to manage its pension administration and pension payroll services.
Hackney initiated a search for an administrator in August for its £587.4m (€646.7m) pension fund, to replace the London Pension Fund authority (LPFA) when its existing contract expires on 31 March 2009. (See earlier IPE article: Hackney seeks admin provider to replace LPFA)
The council received nine Pre-Qualification Questionnaires (PQQs) and, of these, five companies were invited to tender for the five-year contract, after which Xafinity Paymaster was appointed on the basis of a range of criteria including cost, compliance and quality of service.
Although the existing contract does not expire until March, Hackney agreed the appointment of Xafinity at a pensions sub-committee meeting in December 2008 to "allow for a period of overlapping contracts. This approach will ensure a smooth transition in the switch from the current provider to a new supplier."
Under the terms of the new contract, Xafinity Paymaster will be required to provide full pension administration and pension payroll services for Hackney Council, with the possibility of a further three-year extension to the contract, subject to approval.
Meanwhile, minutes from the council's pension sub-committee confirmed that Hackney reappointed Hymans Robertson as its actuarial provider, starting in November 2008, after it tendered the contract in March 2008. (See earlier IPE article: Hackney adopts GTAA and currency overlay)
The contract for actuarial services will last for an initial period of four years, with the option of a further two-year extension, subject to approval by the council.
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