UK - Aon Consulting has entered into an agreement worth more than £10m with specialist pension administration software provider aquila.
Aon said the multi-million pound investment was testament to the firm’s commitment to the pensions market and “existing credentials as a market-leading provider of pensions administration services”.
The appointment is the culmination of a platform review that Aon began in February this year, the company said in a release.
Commenting on the investment, Andrew Binns, managing director of HR services said: “We’ve worked very diligently over the past eight months to identify the most effective pension system to drive our business forward.
“We have selected a technology platform that will enable us to meet the current and future demands of our clients and shareholders.”
David Ackroyd, joint chief executive of aquila said: “Aon Consulting was looking for the pension administration system that would allow them to continue to offer the high level of service that helps differentiate Third Party Administrators (TPAs) in an increasingly technologically driven industry.
“Our solution ‘administrator’ continues to be ahead of other systems in enabling organisations to both improve levels of service and administer pensions more efficiently.”
The directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).