UK - Pensions provider Friends Provident will confirm Jardine Lloyd Thompson as administrator to its portfolio of defined benefit schemes in early May.
The appointment is subject to due diligence checks, contract negotiations and consultation with both Amicus and staff.
The insurer says its decision to outsource its administration “follows the increasing move away from in-house administration by DB schemes”.
The life office closed its DB portfolio to new entrants last year.
A spokesman said: “Friends Provident has decided – in the best interests of staff, customers and shareholders – to transfer the administration and support functions of the existing portfolio of DB business to a company that specialises in the administration and support of DB business.
“JLT is therefore better placed to provide the appropriate investment and support.”
The transfer will ensure that staff will have DB career opportunities and access to specialist DB systems and processes as well, the spokesman added.
Friends Provident’s new life and pensions business rose by 14% to £429m over 2003, despite a drop in operating profit. The life office’s preliminary results revealed an operating profit for last year of £266m, compared with £305m in 2002.
Group chief executive Keith Satchell said: “Over the year, we are confident of further growth in our own market share as we are increasingly recognised as a strong and trusted player in a consolidating market.”
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