Equitable Life undertook a thorough selection process to determine the right company to provide administrative services to the Society and its policyholders during run-off, taking over from Lloyds Banking Group.
The new agreement runs until the last policy ends, which is expected to be at least 30 years.
The society is expecting to make cost savings as a result of the new contract of approximately £8m in the first full year and it expects to reduce its provision for future costs by more than £100m.
Lloyds will continue to provide administrative services to Equitable Life until the end of the current contract in 2011 after which, 340 roles at Lloyds connected with this contract will transfer to HCL.
Following completion of the transfer, Equitable expects around100 full time roles will remain at its offices in Aylesbury and a small number will be relocated within HCL’s other sites in the UK and India.
Equitable chief executive Chris Wiscarson says: “HCL has an impressive reputation and I am confident that they will provide great service and great value to policyholders. I want to help restore policyholders’ savings and this is an important step in that direction.
“I very much regret the concern, uncertainty and disruption these changes will cause for many people in Aylesbury. We will keep those people fully informed and supported over the next 15 months to help them plan for their future as effectively as possible.”