Capita announces today that it has secured a contract extension to continue the administration of the Teachers’ Pension Scheme for the Department for Education.
The extension, which is due to start on 1 October 2021, is worth £60m over four years.
Capita will continue to deliver the end-to-end administration of the UK Government Teachers’ Pension Scheme (TPS) for all members in England and Wales.
In addition to the core administration process, the contract covers multiple services, including: all stakeholder, member and employer engagement; customer contact and digital solutions; data analytics; and change management and innovation.
Capita will continue to deliver a fully integrated administration service for more than 2 million TPS members. This includes the collection of contributions from over 11,200 employers, and the calculation and payment of pensions to more than 700,000 pensioners and beneficiaries. Capita will also manage the schemes for both deferred and active members, totalling a further 1.3 million people.
Capita has been the provider of the TPS, one of the largest public sector pension schemes in the UK, for more than 20 years. A seven-year extension was signed with the Department for Education in 2011, followed by an additional three-year extension.
The TPS is administered from Darlington by Capita’s Employee Benefits business, which forms part of the company’s People Solutions division. The business delivers services including consulting, expertise and administration to the pensions of more than 4.8 million members, from over 500 schemes, on behalf of 350 clients in the UK and Ireland.