- The Trustee of the Hays Pension Scheme has agreed a six-year contract extension with EQ Paymaster
- EQ Paymaster will focus on member services, GMP equalisation and further data cleansing
- EQ Paymaster has been working with the Scheme since 2007
EQ Paymaster, one of the UK’s largest pensions administrators and part of the international technology-led services and payments specialist EQ (Equiniti Group plc), is pleased to announce that it has signed up to administer and service the Hays Pension Scheme (the “Scheme”) for a further six years. The Scheme caters for 6,500 current and former employees of FTSE250 recruitment specialist, Hays.
The six-year contract entails making payments and supporting members, as well as ongoing work towards GMP equalisation. The Scheme has over £850m in assets to cover benefits due to its members, of which a significant portion are deferred. Under the contract, EQ Paymaster’s data experts will continue to embark on a series of projects including address tracing, mortality screening, and benefit audit work.
EQ Paymaster has worked with Hays since 2007 and supported the recent buy-in for its 2,500 pensioners with Canada Life.
Mark Paul, Relationship Director at EQ Paymaster, commented: “We’re delighted we will be working with Hays Pension Scheme for a further six years. It is an excellent example of a Scheme which is working diligently to support its members. Our significant expertise working with pension schemes throughout their life cycles means that we are well placed to continue our support with a wide range of potential projects from data cleansing to GMP equalisation.”
Kath Bedford, Pensions Manager at Hays Pension Scheme, commented: “We are very pleased to continue working with EQ Paymaster, with such a proven track record for looking after our members. Building on our excellent working relationship, this appointment is part of our long-term strategy for the Scheme as we work to delivering the pension benefits promised to our members.”
Sean Burnard, Law Debenture, Chair of Trustees commented, “The Trustee is looking forward to continue working collaboratively with EQ to secure the members’ benefits for the future.”
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About EQ (Equiniti Group plc)
EQ provides accessible digital services for regulated markets. It specialises in equity and investment products, pensions, payments and regtech.
EQ is working to become a business with a stronger purpose. Its aim is to care for every customer and to make its services accessible for everyone, delivered with less of an impact on the environment.
It is the UK’s leading provider of share registration, employee share plans, and associated investor services, and also has market leading positions in pension administration and software, and employee benefit schemes. EQ’s services, which are delivered by over 5,000 employees, benefit 36 million people in the UK and 120 countries around the world.
EQ is listed on the London Stock Exchange as Equiniti Group plc.
About EQ Paymaster
EQ Paymaster is one of the largest providers of outsourced pension administration in the UK, working with schemes in the public and private sectors with complex defined benefit, defined contribution and hybrid arrangements. In addition, EQ also provides specialist pensions savings and retirement income administration services to the insurance sector.