Software company Comino has won a contract to run the UK's £1.3m Merchant Navy Pension Administration pension administration system from Watson Systems.
Comino - which specialises in pension administration systems for occupational pension schemes - is expected to assume control of MNPA’s entire client base, including the £3.2bn Merchant Navy Officers Pension Fund, by March 2002.
MNPA said there had been no problems with Watson Systems Pension Management Systems (PMS) 6000 but that Comino’s Universal Pensions Management (UPM) system was simply more advanced.
The pension administrators said UPM will help it achieve greater operational efficiency while continuing to deliver a personalised service to employers, trustees and members. UPM will administer both MNPA’s defined benefit and defined contribution schemes and to run its payroll system.
MNPA managing director Geoff Henry said by adopting UPM the firm will be able to revolutionise the way it delivers its service to both clients and staff.
Henry said: “Using UPM will give us a significant competitive edge and will help to ensure that we meet our target, both in terms of service excellence to our clients and business growth.”
MNPA pensions administration manager Mike McMillen said UPM will allow administrators to focus on the human side of pensions - dealing with members.Director of Comino Michael Jennings said: “This contract is a ringing endorsement of UPM and the direction for pensions administration that we at Comino have pioneered.”
MNPA specialise in providing third party administration services for medium to large pension schemes.
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