GBST lands major UK pension scheme deal

TPT Retirement Solutions (TPT), one of the UK’s leading workplace pension scheme providers, has confirmed a multi-year deal with Australian wealthtech firm GBST to support the administration of TPT’s defined benefit pension scheme.

Under the new contract, TPT’s 450,000 pension members on its Master Trust pension scheme will migrate onto GBST’s Composer all-in-one software-as-a-service (SaaS) platform supporting clients across the pension lifecycle.

TPT chief executive David Lane said the move to Composer will enable the pension provider to launch new products, noting he was “impressed by the breadth of pension savings and retirement solutions available on Composer” as well as its “focus on automation to drive down operational costs”.

The partnership also includes support from Indian managed services firm Wipro, which will serve as the pension provider’s outsourced administration and transformation partner.

As part of this agreement, TPT’s policy administration and servicing will be performed by Wipro’s UK subsidiary.

Wipro said it will establish an end-to-end digital ecosystem, alongside GBST’s Composer platform, to support TPT’s members, employers, and operational staff in driving digital transformation and enterprise simplification.

GBST and Wipro’s agreement with TPT marks the second joint client contract for the pair.

David Simpson, GBST’s head of EMEA, the agreement marks an important milestone for GBST in its expansion beyond technology provision to a “full end-to-end administration service for wealth management and pensions organisations”.

The collaboration between GBST’s technology and Wipro’s transformation and third-party administration services, “provides an alternative fully outsourced end-to-end administration solution” promising to “enhance efficiencies, reduce costs, and improve customer experience”.

Lane said the partnership with Wipro will “enhance our service to employers and members, simplify our operations, reduce operational cost, and support our growth ambitions”.

“Working with Wipro and GBST will enable us to transform the end-to-end member and employer digital experience we provide.”