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The Universities Superannuation Scheme will move to Procentia’s pensions administration platform IntelliPen after signing a seven-year contract.
The £75.5bn scheme with 528,000 members is aiming to complete the transition from Capita’s Hartlink platform, whose contract will expire, by spring 2026. Capita had been in place since 2015.
USS said it started testing the market for administrators in March 2022 with a request for information. Capita chose not to participate in the subsequent tender, with USS saying the long-term software requirements of USS are not aligned with Capita’s future strategy and market focus. Capita's new chief executive Adolfo Hernandez said in March that the company will focus on precision in execution, co-creating solutions with clients, accelerating the use of technology and leveraging technology partnerships.
Procentia, a pensions technology and software company, has been majority owned by the Brightwell Group, formerly BT Pension Scheme Management, since 2019, and has been providing its services to the BT Pension Scheme since 2021.
Its cloud-based administration platform IntelliPen is an “all-in-one solution offering an expansive suite of innovative tools, and significant levels of self-service and automation”, according to USS.
“It provides the features and functionality USS needs to deliver, and future-proof, its ambitions for the levels of service it offers to its members and sponsoring employers,” the scheme for academics said.
Helen McEwan, USS Limited’s chief pensions officer said: "Providing the most effective tools and platform to help members engage with their USS pension, so they can plan and prepare for their retirement with confidence, is hugely important. We also want to make it as easy as possible for employers to manage their day-to-day interactions with us.”
McEwan added: "We want this to be transformational and are focused on achieving as smooth a transition as possible."
Group chief executive of Procentia, Liam McGrath, said: "We’re delighted that USS, after a rigorous selection process, has chosen to partner with Procentia and use our IntelliPen platform to help fulfil its long-term goals. We’re looking forward to delivering a first-class service for their members and employers, and putting security, digitisation and automation at the heart of the journey we’re embarking on together."
USS was one of potentially hundreds of schemes whose member data was compromised when administrator Capita was hacked in late March 2023. Capita formally informed USS that member data was accessed on 11 May 2023. In an update from March this year, USS said it will not extend the free Experian identity protection service it had offered to members for one year because, among other reasons, dark web searches had found no evidence of USS member data being circulated. However, USS will continue to carry out these searches throughout 2024.
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*This article has been updated to clarify that Procentia provide the technology platform, rather than full administration services
