Royal Mail CDC pension scheme appoints EQ as software supplier

[TrueBlueTerrier]

https://www.pensionsage.com/pa/Royal-Ma ... pplier.php

Royal Mail’s collective defined contribution (CDC) pension scheme, the Royal Mail Collective Pension Plan (CPP), has appointed Equiniti (EQ) as its pension software supplier following a selection process.

EQ’s pension administration software, Compendia, was chosen by the Royal Mail Group for its in-house teams, members and employers, with the platform's ability to adapt and innovate in order to meet the CPP's specific requirements identified as a “deciding factor”.

Commenting on the appointment, EQ Paymaster CEO, Duncan Watson, said: “We are delighted to be selected as the supplier for Royal Mail and are excited to be part of such a prestigious development in the UK pension market.

“There is a growing appetite for reduction in risk for pension schemes, and CDC offers the perfect opportunity for schemes and members to avoid market volatility with their combined savings.

“We have a strong track record of delivering solutions for complex pension schemes and this appointment is testament to the expertise of our team, the sophistication and quality of our technology and our market experience.”

The appointment has also been highlighted as the latest in a string of outsourced administration and software client wins and renewals for the provider, including its recent reappointment as third-party administrator to the HP Retirement Benefit Plan.

[RobertT]

The EQ pension scheme management website is here for anyone wanting a bit more info.

[freespeech]

The EQ pension scheme management website is here for anyone wanting a bit more info.

Thanks......so that will be at least three pension statements and pay slips!

[NWpostie]

Do they have a proven track record of managing pensions or are we looking at another Crapita ?

[heapsy]

They were supposed to have had decent people in the past, and look what happened. Tbh, I'm not a bit interested in the new scheme.

[RobertT]

Thanks......so that will be at least three pension statements and pay slips!

Yes, the plan has always been that CDC will be separate from all current arrangements.

Do they have a proven track record of managing pensions or are we looking at another Crapita ?

The website seems to suggest EQ have experience of pension admin. If they were as bad as Capita, there might already be some bad press about them?
Time will tell what happens in practice.

They were supposed to have had decent people in the past, and look what happened. Tbh, I'm not a bit interested in the new scheme.

CDC is coming out way, so it's probably best to get used to it!

[FAB]

Doesn’t EQ already handle the RM shares for employees? That seems to have gone ok. So fingers crossed for the new pension.

[Woody Guthrie]

EQ or Equiniti as it used to be known are indeed the same company that does the administration of the share scheme.

They actually started life as the share registration division of Lloyd'sTSB until it was sold off in 2007 just before the financial crash probably because the cracks were already starting to show, lucky break for the company and staff if you ask me.

I think they will be mostly handling the payments side of the pension because that's what they have experience in.