Profund, the leading provider of pension software in the UK and Ireland, has secured a contract to provide its Private Cloud hosting service to the Kingfisher Pension Scheme, one of the UK’s largest DB pension schemes with £2.8bn of assets and 37,000 former DB members.
This new long-term contract is an extension of Profund’s existing relationship with Kingfisher, the home improvement retailer, which owns the brands B&Q and Screwfix and has been using Profund’s administration, pension payroll and fund accounting solutions for over 10 years.
Having a track record of innovation, the Kingfisher Pension Scheme will use Profund Private Cloud to transform its existing administration service delivery model, through combining the removal of in-house bespoke systems and manual process interventions, with the utilisation of Profund end to end ‘enterprise’ software. This includes its powerful document management and workflow tools, which will increase automation, streamline processes, reduce operational risk enabling the Kingfisher administration team to gain efficiencies and ultimately provide self-service functionality to DB members via Profund’s web portal.
Profund Private Cloud will give Kingfisher access to Profund’s pension administration software in a secure hosted environment, providing greater control, efficiency and flexibility in managing its DB pension scheme. The Kingfisher Pension Scheme will be accessible anytime from anywhere in the world, and will benefit from a full disaster recovery solution with tight recovery points.
Malcolm Johnson, Managing Director, Profund Solutions Limited, commented: “This is an exciting project, which sees Kingfisher fully adopting our innovative Profund Private Cloud solution for managing their DB pension scheme. This will provide the trustees with operational service efficiencies and increased functionality whilst reducing risk, thus providing a firm foundation from which the trustees can execute their long-term de-risking goals with confidence.
“Schemes are increasingly aware of the numerous benefits that come with embracing technology. In 2015, I envisage the take-up rate of cloud-based solutions to propagate further as CIOs and IT Directors look for new ways to improve business efficiencies and trustees require more accessible, resilient and scalable pension management solutions following the increased pension flexibilities from April 2015 onwards.”
Dermot Courtier, Secretary to the Kingfisher Pension Trustees, added: “We are delighted to work with the Profund team on this project. Moving to a hosted cloud environment and their suite of pension systems will result in greater automation, security and efficiencies for our DB membership and reduce systems risk both on a business continuity and disaster recovery basis.
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About Kingfisher Pension Trustee Limited
Kingfisher Pension Trustee Limited (KPTL) is the corporate trustee company for the Kingfisher Pension Scheme (KPS) which is the UK Occupational Pension Scheme for B&Q, Screwfix, KITS and Kingfisher plc.
The KPS is trust based with 2 sections (a) a legacy defined benefit (“DB”) final salary section with assets under management of c£2.8bn and a deferred and pensioner membership of c37,000 members and (b) an active defined contribution money purchase section with assets c£150m and c30,000 active and deferred members (including the automatic enrolled population).
About Profund Solutions Limited
As a leading provider of pension software since 1984, Profund Solutions Limited (Profund) has been developing, implementing and supporting systems specifically designed for those with the responsibility for running pension schemes.
Profund is trusted by an impressive client base covering actuaries, accountants, in-house pension departments, pension scheme trustees, the majority of UK third-party administrators and Registered Administrators. Geographical territories extend to Republic of Ireland, Channel Islands, Isle of Man, mainland Europe and the Caribbean.
Profund provides a range of innovative pension software solutions and related consultancy services including:
- Administration and Payroll
- Client helpdesk
- Data consultancy
- Electronic Document Management
- Online Member Services
- Managed System Support
- Product Development
Profund is part of JLT Employee Benefits Group.
About JLT Employee Benefits
JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with some 10,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.