Capita seals 10-year £130m life and pensions admin deal

Abbey Life was acquired by Deutsche Bank in October 2007, from Lloyds TSB.

The deal – which is subject to final agreement of commercial terms –will involve the transfer of approximately 300 Bournemouth-based staff to Capita under transfer of undertakings (protection of employment) – TUPE.

Capita will deliver a "business transformation programme" to provide Abbey Life with a modern technology platform, along with ongoing improvements in cost-effective service delivery. The service is expected to start in January 2009.

Capita Group chief executive Paul Pindar said: "The contract will draw upon Capita’s extensive expertise in life and pensions administration and reflects the very high standards Abbey Life sets for the management of its policies. We look forward to welcoming all staff who transfer to Capita."

Abbey Life director and chief operating officer Neil Tointon said: "Capita was chosen because we believe that it can best deliver a transformation programme designed to maintain – and increase - the quality and dependability of our services to customers.

"Capita has experience with the particular needs of regulated financial products providers and we believe that they can play an effective, strategic partnership role to support our ambitions in the life and pensions market."