In an effort to spur corporate growth, TPT Retirement Solutions (TPT), the UK’s workplace pension provider, has chosen Wipro Limited to serve as its outsourced administration and transformation partner and GBST’s Composer wealth management platform to conduct its Master Trust pension.
Under the terms of the new multi-year contract, 400,000 pension members of TPT will switch to GBST’s Composer technology and receive modern retirement income solutions to help them through both the accumulation and drawdown periods.
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The FCA-regulated subsidiary of Wipro in the UK will handle the policy administration and servicing on TPT’s behalf as part of this agreement.
Together with GBST’s Composer platform, Wipro will establish a complete digital ecosystem to assist TPT’s employers, operational staff, and members in promoting enterprise simplicity and digital transformation.
Through self-service features and AI-powered Smart Operations service delivery, they will provide an improved client experience.
With this deal, GBST and Wipro have added TPT as a second joint client. The partnership between Wipro’s transformational and third-party administration services expertise and GBST’s industry-leading Composer SaaS platform will enable financial services organisations to successfully manage multiple service providers and legacy IT systems at the same time.
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By GlobalDataThrough the contract, a different fully outsourced end-to-end administration solution is offered, one that will increase customer satisfaction, lower expenses, and increase efficiency.
David Lane, chief executive officer, TPT, stated: “We were impressed by the breadth of pension savings and retirement solutions available on GBST’s Composer platform and its focus on automation to drive down operational costs. Moving to Composer will allow us to launch innovative new products as our needs evolve. We are also extremely pleased to partner with Wipro. Its extensive digital transformation coupled with administration experience and expertise is invaluable to 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.”
Omkar Nisal, UKI managing director, Wipro Limited, shared: “We’re delighted to have been selected by TPT to help them on their growth journey by providing end-to-end business administrations services. We will be driving technology transformation along with GBST and delivering further business value. Leveraging our wide-ranging operational excellence, technology, and digital transformation expertise, including GenAI technologies, we will work closely with TPT to support their business needs and help them achieve their ambitions.”
David Simpson, GBST’s head of EMEA, added: “GBST has proven strength and experience in providing pre and at retirement solutions for many major brands and has enabled some of the largest migrations from legacy technology in the UK. We’re so pleased that TPT has selected Composer to support its growth ambitions in the UK market too. The agreement is an important milestone for GBST as we expand further beyond technology provision through our strategic partnership with Wipro to create an end-to-end administration service for wealth management and pensions organisations.”
