Coyle and Capita in Irish DC pact
Capita would provide the IT platform while consulting firm Coyle would be responsible for the overall management of the service. This would include actuarial and consultancy services, client liaison, and day-to-day management. Financial terms of the deal were not disclosed.
“Defined contribution schemes will continue to grow in importance in the years ahead and Coyle Hamilton Willis is well positioned to play a key role in that market,” said Coyle’s employee benefits managing director Kieran Kelly.
“Together with the specialist IT and administration experience of Capita Hartshead, we can ensure that our customers get the most advanced defined contribution management service available in the country.
“We anticipate significant growth in this area in the months and years to come.”
“By bringing together the expertise and skills of both organisations we will be able to provide an expert and focussed DC pensions service delivery in Ireland based on accuracy and integrity,” said Capita Hartshead MD Mike Addenbrooke.
Coyle said DC is the fastest growing segment of the pensions market in Ireland – and that DC schemes need more administration and processing than defined benefit.
Capita employs around 500 people in Ireland.