UK - BAA Pension Trust - the trustee of the BAA Pension Scheme - has appointed Xafinity Paymaster to provide third party administration services for their DB pension scheme covering over 20,000 members.
Until now, British Airports Authority, the company that operates six major UK airports, has administered the £2.1bn ($3.3bn) pension scheme in-house.
A unspecified number of BAA staff will transfer to Xafinity Paymaster as part of the deal.
BAA Pension Scheme trustee chairman Gordon Dewar said: "This will be a win-win-win relationship for the trustees, members and BAA; members will receive an improved service with web-enabled access to their benefits and improved communication and access to scheme information, the trustees will retain control of the running of the scheme at a reduced cost and BAA have ensured the Horley Pensions team are moving to a locally based organisation with pensions at its core thus providing all with the possibility of an improved career path."
The trustees said they chose Xafinity because of its track record with staff TUPE programs and its ability to provide career opportunities for the transferring BAA staff.
The value of the BAA contract has not been disclosed. The contract will be serviced from Xafinity Paymaster's Crawley office from 15 October.
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.