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.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.