Capita Pensions has signed a five-year contract extension with the Universities Superannuation Scheme (USS) to continue to deliver their pension system and administration support.
The partnership builds on an existing five-year contract signed in 2015. Established in 1974, USS is one of the largest private sector pension schemes in the country. USS provides the principal pension scheme for universities and higher education institutions in the UK as well as life cover and retirement and ill health benefits for academic staff.
Through this contract extension, Capita will continue to provide its pension software to both the Defined Benefit (DB) and Defined Contribution (DC) sections of USS’s pension scheme. This allows USS to effectively administer pensions to its 460,000 members.
Capita will also provide administration services and people resource to help run the collection and investment of contributions from over 340 higher education institutions for the DC section of the scheme.
Stuart Heatley, Managing Director of Capita Pensions, said: “We are delighted to extend our relationship with USS. Their unwavering focus on member experience and digital ambitions mirror our own. This partnership will help us continue to deliver market leading solutions for the benefit of scheme members”.
Helen McEwan, USS' Chief Pensions Strategy Officer, said: “We are pleased to have extended our relationship with Capita. Our partnership is critical to ensuring we continue to effectively engage with our members and employees.”
Capita’s pensions business provides consulting, data and administration services across many other DB and DC UK and Ireland pension schemes. This includes actuarial, investment, secretariat, member engagement, Master Trust solutions, as well as the administration of the pensions of over 4.7 million members.
