Capita has been appointed to provide investment administration services to Scottish Life’s pension portfolio plan promising advisers a 60 per cent reduction in costs.
The Capita Life and Pensions service will use its Enabler infrastructure offering straight through processing links across multiple asset classes.
The service will be launched on December 4 and the contract has been signed for 10 years.
Capita says the service is faster but will cost 40 per cent of the traditional model.
IFAs will be able to view and value all assets held within pension portfolio through a single platform and will allow advisers to trade in equities and funds.
Capita financial services business and commercial development director Graham Coxell says: “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. ”
Scottish Life group product development director Ewan Smith says: “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.”