UK - BP has brought its pension administration back in-house using Aquila's pension administration solution administrator.
The oil giant’s 19-month project – which followed a review conducted with its consultant Dunnett Shaw ) – involved Aquila migrating data from Profund and ProPay systems and images that were stored in the legacy electronic document management system, ISE.
All common calculations were implemented using administrator’s calculation tool, ParaCalc.
BP programme director Graeme Roy said: “Aquila was able to deliver a proven technology environment that enabled us to create one consolidated solution for our variety of schemes.
“Also, administrator could be integrated with our Pensionline self-service tool in a seamless transition and with the additional functionality of providing real time information on line to members.
“Finally, we wanted to ensure that our solution platform was functionally capable of supporting our future needs.”
Aquila joint chief executive David Ackroyd said: “This was a large, complex project which pushed the boundaries of what has been achieved in the market as a whole. We are delighted to say that we were able to rise to the challenge and deliver to BP a solution which supports both their current needs but also provides a solid platform for their future growth.”
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
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