Procentia Partners With Royal London to Provide a Bulk Purchase Annuity Administration Solution

The Procentia Royal London partnership marks a major step forward in bulk annuity administration. By combining Royal London’s pension expertise with Procentia’s advanced technology platform, the collaboration aims to modernize annuity administration and support long-term financial security for retirees.

The online platform is automating buy-in and buyout pension calculations, payments to scheme trustees and their members, movement processing, and payroll. IntelliPen’s scalability and configurability means Royal London has greater agility in responding to the often complex needs of its Pension Risk Transfer transactions.  

The collaboration demonstrates Royal London’s commitment to ensure all BPA calculations, payments and records are in place at the earliest opportunity to enhance customer experiences, and to its robust risk management controls. Procentia is helping the mutual evolve service delivery for its members’ retirement by putting schemes in the best position to move quickly to buyout following data cleansing and finalisation. 

Costas Yiasoumi, Royal London’s Head of BPA Operations, says:

“We’re pleased to be working with Procentia. Trustees are highly focused on future member experience when selecting a bulk annuity insurer for their members. The IntelliPen administration platform complements Royal London’s in-house team so that we meet and exceed expectations.”

“Scheme trustees have already entrusted the future financial resilience of their members with Royal London through twelve buy-in transactions. We look forward to welcoming further schemes in the future.” 

Liam McGrath, Procentia’s Group CEO, says:

“This partnership marks an exciting chapter for Procentia as we move further into the dynamic Pension Risk Transfer space. As a purpose-driven company, Royal London focuses on ‘delivering positive, enduring change’ for members and customers, a vision that aligns with our own.”

“We’re not simply supplying a software solution. We’re proud to be part of Royal London’s journey and provide a platform that helps its bulk annuity policy holders make the most of their investment and retirement planning for a better future.” Designed to enhance automation and compliance, the Procentia Royal London partnership offers a scalable solution for pension providers.