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Capita signs £523m deal with Axa Sun Life

Capita has signed a 15-year deal worth £523m with Axa Sun Life to provide outsourcing services for its 3.2 million mature life and pensions policies.

Under the partnership Capita will provide customer servicing, policy administration, claims activity and related IT support to a proportion of AXA Sun Life’s business.

In Novemeber, Capita signed a 10-year deal worth £130m with Deutsche Bank to provide outsourcing services for Abbey Life’s 1.1 million life and pensions policies.

It also sealed a £300m life and pensions outsourcing deal with Zurich UK Life in 2005, and a similar deal with Prudential in 2007, worth £772m.

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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