UK - BP has completed a 19-month programme to bring its UK pensions administration back in-house.
BP – one of the first large funds to outsource its administration a decade ago – decided to bring the process back in-house following a review it conducted with consultant Dunnett Shaw.
The “massive task” of moving admin back from its third-party administrator was led by BP’s programme director Graeme Roy who worked with Dunnett Shaw managing director Jocelyn Blackwell to bring the project in on time and on budget.
Dunnett Shaw provided assistance with software procurement, data cleansing and assistance with conversion of data and documents from the existing TPA.
Dunnett Shaw also helped BP write specifications for scheme calculations, managed the calculations implementation team, and supplied specialists to provide specifications for interfaces between the new administration system and all related systems.
Roy said Dunnett Shaw was involved in all aspects of the move and he praised the consultant’s staff for seamlessly adapting to working for BP on the project.
He added: “This project has involved a complete reconstruction of the administration infrastructure and systems platform. The project team has worked incredibly hard to achieve a seamless transition in such a short space of time and on budget.
“When you consider that we have recruited and trained the new administration team, set up our new office at Sunbury on Thames, selected and established the new software systems, implemented new automated workflow and processes, and reconstructed our self-service website, it is a fantastic achievement.”
And Blackwell said: “This has been a demanding and exciting project, not only because of the complexity and the size of the task, but also because the eyes of the pensions world have been upon us. The Dunnett Shaw team has been able to use many of its core skills in delivering results against demanding targets.”
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.