UK - Pensions software specialist Marlborough Stirling has been forced to issue a profit warning after an £80m outsourcing deal was delayed.
Implementation of the five-year business processing deal with Sun Life Financial of Canada has been put back six months.
Under the deal, Marlborough Stirling will assume responsibility for the administration of SLFC’s 800,000 closed book UK individual life and pension policies.
The delay means Marlborough Stirling will incur additional costs of £3m for both 2002 and 2003.
The company is now planning a restructuring and cost reduction programme, which is expected to involve job cuts.
The Howden Group Pension Plan has completed a full pensioner buy-in with Legal & General (L&G), insuring benefits for around 2,000 members.
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Concern about the potential impact on employer covenants has been rated the top risk for defined benefit (DB) schemes, according to a PTL survey.
Jonathan Stapleton says the DWP's progress on CDC is a welcome, and cautious, step forward.