Life & Pensions

2007 developments

• L&P outsourcing: We are the leading outsourcing provider in this area with over 50% of contracts let. With the start of the Prudential contract in April 2008, we will be administering 22m life, savings and pensions policies. This market continues to be very active.
• New business: During the year we have successfully transitioned the Co-operative Insurance and Resolution businesses into Capita. Both these major contracts have performed well in the first few months.
• IT development: We continue to work closely with Mastek on developing the next generation of the Elixir software that is currently used across a number of clients. The new version will become available in 2009.
• SIPPs: In recognition of the increasing influence of key IFA groups and distribution as a whole in the UK life and pensions market, we have extended our open funds access platform supporting our SIPPs business into a more generic WRAP-based capability. This allows key distribution firms to have ‘straight-through’ access to a broad range of providers and funds.
• Capita Hartshead: Our business continues to perform strongly. Recent acquisitions have significantly increased our actuarial capacity, which will attract new clients and extend the range of services to existing clients.

2008 priorities

• Maintain high levels of compliance across the business and develop solutions which help clients meet increasingly complex regulatory requirements
• Achieve further economies of scale by processing a greater number of contracts through our existing infrastructure
• Achieve a smooth transition of services from Prudential
• Continue to extend our trading platform across multiple distributor groups and UK blue chip providers
• Continue to develop our technology platforms to help clients bring new products to market faster
• Continue to build offshore capability into existing contracts and new proposals
• Continue to grow our presence in occupational benefit consultancy and actuarial services.