Equiniti renews outsourcing contract with Prudential

19 March 2013

Equiniti, announced that it has signed a new 10 year contract with Prudential UK.

Leading business process services provider, Equiniti, today announced that it has signed a new 10 year contract with Prudential UK to extend its Outsource Service Agreement under which it administers existing Defined Benefit occupational pension schemes on behalf of Prudential.

Prudential has a longstanding relationship with Equiniti Paymaster, specialist providers of complex pension administration and payment services, as a trusted partner providing continuous servicing and settlement of benefits for around 35,000 account holders. The schemes continue to need maintenance according to scheme rules and ongoing legislative change.

Equiniti Paymaster administers the portfolio using highly experienced and qualified staff supported by the Compendia platform, which provides the complete range of administration, reporting and communication services to meet the needs of trustees, employers and members.

Tracy Harris, Customer Service Director at Prudential commented: "Excellence in delivery for our customers has to be as important to our partners as it is to us. Everything we do well builds on the trust our customers place in us so our extension of this partnership is a recognition of Paymaster’s technical and administrative expertise."

Equiniti Paymaster’s Managing Director, Paul Bingham, said: “We are delighted to have secured the contracted extension of our services and commit to a continuing long term strategic relationship with Prudential. Equiniti Paymaster remains a specialist provider of business process services and has extensive experience in pensions and annuity administration and this is a natural service extension for us. We will continue to look for opportunities to service portfolios in the insurance sector.”