UK - Accenture HR Services has completed a three-and-a-half-year revamp of its administration platform and has started an aggressive campaign to win new third-party business.
The administrator – which was born out of the BT Pension Scheme’s in-house admin unit – said it had already begun competing for new clients and talks were under way with three final salary plans and two combined DB and DC schemes.
Head of pension services Ian Townsend said he was confident the group would report a batch of new business before the end of the second quarter.
Accenture Pension Services completed its 100% acquisition of BT pension scheme’s Chesterfield-based in-house pension admin unit in 2002. The acquisition included a contract to manage the £22bn closed final salary BT Pension Scheme and it subsequently won the group’s DC scheme, the £9.2m BT Retirement Plan.
It was also appointed to BT’s former subsidiary mobile phone division O2’s DB and DC plans, as well as running Accenture HR Service’s own pension scheme administration.
Townsend said: “Accenture Pension Services has undergone a total transformation since August 2000. Our systems have been upgraded, processes re-engineered and the culture transformed to one where the member comes first.”
However, some observers claim Accenture has no track record for taking on new clients and may lack experience to compete with other TPAs at the implementation stage.
But Accenture points out that it implemented Aquila’s pensions administration software in December to handle member transactions and installed IBM’s content manager to manage documents electronically.
Eura-plan’s financial software has been chosen to handle scheme accounting and reporting.
Townsend added: “With fewer ‘links in the chain’ members will enjoy a faster service with better understanding of their role in administration.“Some members who might previously have used an IFA to handle a transfer from one scheme to another are now choosing to do it themselves, with significant personal savings.”
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