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Tech pays off for Standard corporate pensions

Investing in technology applications has helped Standard Life Corporate Pensions more than double its assets under management in five years.

Standard Life director of corporate pensions Garry Morrison says the pension provider has increased its assets under administration from 6.8bn in 2003 to 13.7bn in 2008 after introducing Agile software development into its internal infrastructure. Agile is a set of principles designed to improve internal development by aligning IT with existing business divisions.

Speaking at a Standard Life information systems media conference in Edinburgh, Morrison said that the firm’s investment in technology and ecommerce, which includes offering members the option to submit monthly contribution schedules online with a built-in validation, is the reason behind the increase.

He said: “The major contributor to us being able to return these kind of results from an economic prospect has been this ability to use the technology we have, principally the ecommerce, to get customers to do work that previously we have undertaken. This work achieved by Agile has allowed us to be far more iterative and has been a huge contributor to the success we have enjoyed.”

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