Punter Southall to outsource admin software support to ITM - UPDATED

The consulting and pension administration firm said ITM, a specialist data management, administration consulting and IT firm, would also perform data migration and install new pension schemes.

As part of the deal 30 members of Punter Southall's systems team who develop and support software will be transferred to become ITM employees and subsequently work from ITM's offices.

Punter Southall principal and systems team manager Maurice Titley, will transfer to ITM and join the firm's senior management committee. The systems team staff will be relocated to ITM's London office or a new office to be set up in Guildford.

The two firms told PP there were no redundancies associated with this transfer of staff from Punter Southall to ITM; nor were any envisaged.

The two companies said the outsourcing deal was the formalisation of a long-standing relationship.

Over the past year, ITM has provided specialist contract staff to Punter Southall's PSLS team to assist with, among other things, the in-house team's programming capability as well as the development of PenScope, Punter Southall's proprietary web-based administration system.

Punter Southall said the deal would allow clients to benefit from access to a larger pensions administration IT team with additional resources and expertise - a move it claimed would result in an improved offering that can cope with clients' developing needs such as web-enhanced applications and further innovations in functionality.

Punter Southall principal and director of pension administration Richard Thomas said: "This strategic partnership will enable us to provide our current and prospective clients with the best, most efficient and effective administration services available.

"Currently pensions administrators either buy-in an external product or create and maintain their own programme, neither of which is totally satisfactory. We feel that this approach is a solid foundation for future strategic business growth.

"Ultimately IT development projects are best handled by IT experts and ITM is the leading firm in this sector. By forming this partnership we know clients will be getting access the best possible IT development service, leaving Punter Southall to focus on our core area of expertise: managing pension schemes and keeping clients and members happy."

ITM group managing director Guy Ridley said: "This is a very exciting new venture for ITM. It is an excellent fit with our strategy of expanding our pensions system support & development outsourcing services for third party providers whilst continuing to develop our independent data and administration consulting services for trustees.

"Our new Guildford office provides ITM with an excellent opportunity to grow further which is very much our strategic aim."