UK - Capita Hartshead has been appointed administrator of high street retailer Next's defined contribution scheme.
The contract, which is due to start in January, aims to provide more choice to the scheme’s 1750 active and 50 deferred members.
The move comes only days after the retailer appointed Watson Wyatt as its scheme actuary - the first change in the post for more than 50 years.
The £150m Next plc Group Pension Plan has used Mercer Human Resource Consulting, previously Duncan C Frasier, since the scheme was founded under the retailer’s former company name, J Hepworth & Son, in 1951.
Next, which has a closed final salary scheme in addition to the DC plan, says Capita’s appointment will give members more fund choice.
A spokesman said: “Capita offered the best platform on which to launch those choices. We were impressed by its style and approach to administration.”
Capita Hartshead managing director Mike Addenbrooke said he was delighted to have won the contract and looked forward to building a successful long-term partnership.
Next’s annual accounts to January 2004 showed its scheme costs had increased to £17.6m from £11.2m in the previous year, including a charge of £6m in respect to service past deficits.
In 2003 it estimated the shortfall dropped to £44m from £62m the previous year and has reduced top-up payments to £4m with the aim of clearing the deficit over the next 13 years.
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