UK - Prudential has completed the outsourcing of its defined benefit administration business, handing JLT Employee Benefits Group 15 blue-chip clients.
In July, Prudential outsourced the administration of 180 small to medium-sized pension schemes to consulting actuaries Hazell Carr. Prudential is now looking to focus its activities on the DC market.
JLT Employee Benefits Group Chairman John Hastings-Bass said: “This is a significant alliance for JLT’s Employee Benefits Group. We are delighted that Prudential has entrusted to us some key corporate relationships through this partnership.”
One of the 15 schemes handed to JLT is the £4.5bn Prudential Staff Pension Scheme, which has 40,000 members – the others have in total another 60,000 members.
Each scheme has its own specific administration arrangements unlike the package approach offered to the schemes now taken on by Hazell Carr.
JLT, working in partnership with Prudential, will now deliver administration, accounting and payroll services to each scheme. It has previously set up similar service deals with Norwich Union and Standard Life.
Prudential director of business-to-business Andy Briggs said the deal would provide its corporate clients with a wider range of services and expert advice.
As part of the contract, 50 Prudential staff will be transferred to JLT.
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