Partnership Between Procentia and Royal London Establishes a Bulk Purchase Annuity Administration Service
In a significant move to enhance the retirement security of its members, Royal London, the UK's largest mutual life, pensions, and investment company, has partnered with Procentia, an administration company specialising in Pension Risk Transfer transactions.
The collaboration aims to modernize the administration of Bulk Purchase Annuities (BPA), a process where a company purchases annuities in bulk to secure pension obligations for retirees. By leveraging Procentia's scalable and configurable solutions, Royal London seeks to improve the management of BPA schemes, ensuring retirees' financial commitments are efficiently and effectively secured.
The Procentia Royal London partnership focuses on modernizing the administration of Bulk Purchase Annuities. This partnership simplifies and streamlines the process for both Royal London and the retirees benefiting from these annuities, leading to quicker and more accurate processing of annuity payments, reduced delays, and errors.
The partnership also offers a scalable solution for pension providers, allowing Royal London greater agility in responding to complex Pension Risk Transfer transactions. The IntelliPen administration platform, used in this partnership, automates buy-in and buyout pension calculations, payments to scheme trustees and their members, movement processing, and payroll.
The partnership is designed to provide better support and service to retirees, ensuring that their annuity payments are managed smoothly and securely. This can lead to increased confidence and financial security for retirees.
Liam McGrath, Procentia's Group CEO, expressed his enthusiasm for the partnership, stating that Royal London's focus on 'delivering positive, enduring change' for members and customers aligns with Procentia's own purpose. McGrath emphasized that they are not simply supplying a software solution, but are part of Royal London's journey, providing a platform that helps its bulk annuity policy holders make the most of their investment and retirement planning.
Costas Yiasoumi, Head of BPA Operations at Royal London, was also pleased with the partnership, stating that it allows them to deliver a more efficient and effective service to their members. Twelve buy-in transactions have already been entrusted to Royal London by scheme trustees for the future financial resilience of their members.
The Procentia Royal London partnership further demonstrates Royal London's commitment to enhancing customer experiences and robust risk management controls. It is a significant advancement in bulk annuity administration and an exciting chapter for Procentia in the dynamic Pension Risk Transfer space.
The Procentia Royal London partnership involves enhancing Bulk Purchase Annuity administration on ffnews.com, aiming to improve efficiency and accuracy in financial commitments for retirees. With Procentia's IntelliPen platform, Royal London can streamline pension calculations, payments, and movement processing, ensuring a more secure and efficient journey for their bulk annuity policy holders' retirement planning in the field of finance and technology.
