UK - Software provider Comino has clinched a £250,000 deal from South Tyneside Pension Scheme.
It is Comino’s second high profile local authority contract inside 18 months following its earlier appointment by the West Midlands Metropolitan Authorities Pension Fund.
The £2.2bn South Tyneside Metropolitan Borough Council has more than 80,000 scheme members.
Comino said the win reflects its success in a January seminar, which revealed that local authority pension funds were keen to see the universal pensions management administration system in working order before they committed to it.
Marketing executive Mike Fawcett said that Comino’s administration system is designed for schemes with more than 5000 members.
Fawcett said: “Over 90% of local government schemes have Lynx Heywood as their admin system so there has been very little in terms of choice for schemes over the last few years.
“The trick is coming in as a credible long-term alternative.”
Fawcett said that Comino was committed to boosting its presence in the pension fund market.
He added that the firm was currently in contact with a “significant number” of potential clients and was confident of further wins before the year end.
“It takes a long time as funds tend to sign up for five year contracts but we are in touch with all the pension managers on a regular basis and there is a lot of interest at the moment,” Fawcett added.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
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