Pensions - Articles - Royal London appoint EQ Paymaster as outsourcing partner

EQ Paymaster has been appointed by Royal London Group to provide a BPO service for its new annuities business. Royal London manages £139 billion of assets and 8.6 million policies.

 In 2020 Royal London went to market with an annuity service to a large group of its with-profits pensions customers, who benefit from the protection of Guaranteed Annuity Rates (GARs). Annuities will now be written by Royal London and administered by EQ, having previously been written on the open market through its Annuity Bureau. This new approach will benefit policyholders and members who’ll be able to continue their relationship with Royal London.

 This is the latest IT outsourcing contract on the EQ Administrator platform for EQ Paymaster, which recently released a whitepaper on the need for meaningful technological change within the wealth, life and pensions sector. EQ Paymaster is part of international technology-led services and payments specialist EQ (Equiniti Group plc). EQ boasts a 1,000 strong global IT team and develops technology used by many of the UK’s largest public and private sector organisations.

 Duncan Watson, CEO at EQ Paymaster, commented: “The launch of this new proposition for Royal London Group demonstrates EQ’s commitment and growth in the wealth, life and pensions market, and the successful integration and adoption of Administrator as the strategic platform for both software and BPO customers. The delivery is a great example of teamwork both within EQ and alongside the Royal London team who were delivering a broader transformation to tight timescales and costs.”

 Steve Fox, Head of Legacy Strategy at Royal London said: “Following an extensive proposal process, in 2020 we partnered with EQ (Equiniti Group plc), to develop and provide the capability to offer a Royal London branded annuity to the main group of our GAR customers. Within six months of selection we’re delighted that the service has now gone live.

 “Our values are built around collaboration, trust, empowerment and achievement, and we can really see these values coming to the fore in how our respective teams have worked closely together to deliver this service to time and to budget. Thanks to all those colleagues in EQ who have contributed to this success and who will continue to support our customers.

 “We value the relationship we’ve formed with EQ and look forward to working together on further initiatives in future.”

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