Santander UK has streamlined its pension administration services for around 100,000 employees across its UK trust-based defined contribution (DC) and defined benefit (DB) pension schemes.
The bank previously used a number of different administrators for its pension schemes, but has now appointed JLT to administer all its UK schemes.
Active, deferred and retired pension members will be able to manage their pensions online through JLT’s BenPal portal.
Antony Barker, director of pensions at Santander UK, said: “When assessing the administration of our DC and DB pension schemes, member experience, innovation and efficiency were our top priorities.
“Working in partnership with the various trustee bodies and JLT, we are delighted to put in place the pension administration product, which will allow 100,000 members access to their accounts online.
“We believe that proper saving for retirement is crucial and we believe the pension management tools provided through BenPal will encourage our members to be better informed about the schemes we offer and much more engaged with their pension planning.”
John King, trustee director and chairman of the operations committee for the Santander (UK) Group Pension Scheme, added: “Offering the same level of self-service to all DB and DC pension scheme members is a significant development for our members.
“The new management systems will help streamline the administration process significantly, increase efficiency, minimise errors, and make it easier for our deferred and pensioner members to keep in touch and hear important messages.”