The alliance will offer an IT and administration solution which enables pension plan holders to take their benefits in a variety of ways including flexible drawdown, uncrystallised lump sums and annuity products.
The new retirement platform enables Equiniti to effectively implement the Pension Reform rules by April 2015.
The depth of functionality inside the Engage software include powerful database structures, a mature calculation engine, automation, self-service and lean implementation approaches. These functionalities provide a flexible and efficient approach for Equiniti to support a wide range of client solutions. New pensioners will be serviced alongside the 2.2 million pensioners and annuitants receiving retirement income through Equiniti today.
Brian Please, Business Development at Equiniti, says: “Equiniti anticipates the needs of the pension industry. Engage enriches our capabilities and ensures we have the administration and processing capabilities necessary, to support innovative products emerging on the back of the Pension Reforms. Equiniti offers pension scheme administrators the ability to concentrate on the needs of their members and customers, with confidence in the standards of service delivery into retirement”.
Paul Ayres, founding Director of Engage Procentia, says: “Engage has been created specifically to address the urgent transformation needs of the UK life and pensions industry. We are delighted to be partnering with Equiniti, a leading service provider committed to this sector”.