The £49bn, 300,000-member BT Pension Scheme (BTPS) is to bring its administration back in-house after agreeing to end its third-party contract with Accenture three years into an eight year contract.
In a statement to Professional Pensions, BTPS said it had reached a mutual agreement with Accenture to transition the administration of the scheme over the course of 2018.
BTPS extended its administration contract with Accenture by eight years in 2015 - a deal that promised to both help the BTPS support its members and enable Accenture to execute an ambitious growth plan for the UK market.
The BTPS said: "Accenture and BTPS have worked closely for a number of years to provide pension administration services to the scheme's members.
"Following the successful implementation of a new platform, which will further enhance the member experience, BTPS and Accenture have mutually agreed to transition the administration of the scheme to BTPS over the course of 2018. The companies will continue to work together to ensure a smooth transfer and to maintain the current service to members during the transition."
A spokesperson from Accenture said BTPS was now working with Accenture on plans to transition its scheme administration in-house.
Accenture said that BTPS-dedicated staff in its Chesterfield admin centre were informed on 13 December that a consultation process would begin in mid-January.
It added that the proposed transition of the pensions administration services means that all employees dedicated to the BTPS account will transfer to BTPS under TUPE regulations - noting there would be "minimum disruption" for staff.
Schemes and their administrators have rightly received much praise for ensuring that pensions have continued to be paid in full and on time during an unprecedented period of disruption.
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