BT Pension Scheme Management (BTPSM), the executive arm of the UK’s largest private sector pension scheme, has today announced that it has acquired a majority stake in Procentia, a market-leading pensions software company for an undisclosed sum.
BTPSM has also announced that it will be implementing Procentia’s IntelliPen system for the Scheme’s member administration services, which it brought in-house last year.
The BT Pension Scheme has c.300,000 members of which, c.200,000 are pensioners or beneficiaries. It has c.£50 billion of assets and pays out over £2.5 billion in pension and other benefits every year.
Established in 2002, Procentia has more than 30 clients including many household names and FTSE 100 companies, which it serves from offices in Bristol in the UK and Chicago in the USA. More than 2 million pension scheme members are administered on Procentia’s systems. It also supplies software to third party administrators, systems integrators, technology companies and other product providers.
Procentia’s founders Steven Donkin, Trevor Scurr, Ian Dowler, Paul Jones and Daniel Osicka will remain with the business.
Morten Nilsson CEO of BTPSM said: “In Procentia, not only have we found a market-leading system that will future proof our member services, but a great long-term investment in its own right. We look forward to supporting Procentia in its next phase of growth.”
Steven Donkin CEO of Procentia said: “Procentia has achieved a huge amount over the past 17 years, building a loyal client base with a strong reputation for technical excellence, innovation and client care.
“But, there’s only so far five pension software geeks can go on their own, and to fulfil our potential we need support. In BTPSM we’ve found the perfect partner that is committed for the long-term and understands our sector inside out.”