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 Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.