Capita Life and Pensions secures ten year Scottish Life contract

Capita Life and Pensions has been appointed by Scottish Life, the pensions specialist arm of the Royal London Group, to provide specialist investment administration services, over a ten year term, for its pension portfolio plan, to be launched on 4 December.
Scottish Life already has a significant market share across executive and personal pensions, section 32 buy-out plans and group pensions.

The deal will utilise Capita’s Enabler infrastructure, with straight through processing links across multiple asset classes. It provides a service that is faster but which costs just 40 per cent of the traditional model. In practical terms, it allows IFAs to access view and value all assets held within pension portfolio via one platform and also enables IFAs to trade in equities and funds.

Graham Coxell, Capita’s financial services, business & commercial development director, commented: “This significant contract helps yet another financial services product provider deliver a more complete service to IFAs, which encapsulates the aim of the whole Enabler initiative. It will also allow Scottish Life to quickly establish a low-cost high-value distribution model in the highly-competitive SIPP market".

Ewan Smith, group product development director at Scottish Life said: “Capita’s ability to provide us with quality specialist investment administration was the key factor in the selection process. It will be a real benefit to us and to IFAs, through whom we distribute all our pension products.”