A lot has been written about how to achieve good outcomes for members of defined benefit (DB) pension schemes. A strong employer covenant, well-managed investments...
Read article “Good administration, the backbone of pensions”5 minutes
At the Pensions Age awards at the end of February, we were delighted to take home three gongs!
Kicking off the night, Brightwell client BTPS took home the coveted DB Pension Scheme of the Year award.
Brightwell won the prize for Pensions Administration and, to top the evening off, Brightwell group company Procentia was crowned Pension Technology Firm of the Year.
The judges praised BTPS for its huge efforts to drive improvements in member satisfaction. Over five years, BTPS’ general member satisfaction has jumped from 63% in 2018 to 87% in 2023.
This has been achieved through in-sourcing of key activities and significant investment in people, systems and processes.
Brightwell was praised for its overwhelming commitment to the member experience with the judges saying: “A passion for administration excellence shone through in this entry which demonstrated a refusal to settle for anything but the best for members.”
In 2023, Brightwell established a fully in-house contact centre, meaning that members are always speaking to an expert at the first point of contact.
Finally, Procentia was praised for its innovation both in the UK and overseas. In 2023, Procentia implemented its IntelliPen software for four new clients with a combined total of over 450,00 members. They also introduced an AI-based identification and verification process, brought three new Pension Risk Transfer products to the North American market, and were voted the number one ‘UK Pension Administration Software Provider’ in a Professional Pensions survey.
The judges said that Procentia’s entry “demonstrated significant development across a number of areas in the UK and overseas, setting them apart in the pensions technology space.”
Commenting on the wins, Morten Nilsson, CEO, Brightwell said: “These awards are testament to the hard work of the entire team and reflect our commitment to innovation and excellence. I couldn’t be prouder.”
Head of Communications and External Relations
UK defined benefit (DB) schemes are entering a new phase marked by improved funding levels yet increasingly negative cash flows as they shift from accumulation to decumulation. This brings new investment and operational challenges.
Find out more about “Expert investor series – DB run-on: skills for success in the decumulation phase”29/10/2024
Brightwell has seen strong adoption of its full self-serve online retirement journey, launched earlier this year for BTPS members. Nearly two thirds (63%) of all retirements completed between February 2024 and the end of September 2024 were undertaken by members online.
Find out more about “Nearly two thirds of BTPS members retiring fully online”23/10/2024
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