Deal will see 22-year pension software relationship extended a further five years
Profund, one of the leading providers of pension software in the UK and Ireland, has today announced it will be extending its current agreement to provide pension software solutions for Nationwide Building Society.
The relationship, which originally started in 1994, will see Profund continue to provide Nationwide with administration and pension scheme accounting software solutions for a further five years.
Profund, which is part of the Jardine Lloyd Thompson Group, has over eight million members on its software and provides a range of innovative pension software solutions and related data consultancy services.
Ian Baines, Head of Pensions at Nationwide Building Society, said: ‘As we have grown our business to become the world’s largest Building Society, the Nationwide Pension Fund has grown with us. It now contains a number of sections as a result of company acquisitions and together with benefit design and regulatory changes this means the calculations are, in some cases, complex. Profund software has proven over the years to be flexible and efficient and gives us the peace of mind that we are able to manage our Fund members’ benefits as effectively as possible.
‘The Fund trustees recently approached us wanting to reduce risks associated with managing the scheme and, having worked with Profund for many years, the first obvious step was to secure the continued use of their software.’
Malcolm Johnson, Managing Director at Profund said: ‘Nationwide has been a valued client of Profund for over 20 years, and we are delighted to be extending our relationship as their trusted pension software partner for the Nationwide Pension Fund and its members.
‘During that time we have built up a thorough understanding of Nationwide’s needs, and will continue to provide the right strategic solutions to meet Nationwide’s requirements in the future, including more recently supporting the Nationwide pensions team with their GMP reconciliation exercise.’
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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.
JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2015 had revenues of £167.4m in UK & Ireland.
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 leading 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 41 territories with more than 9,500 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.