TPT Retirement Solutions has selected GBST’s Composer for the administration of its Master Trust pension and Wipro as its outsourced administration and transformation partner.
TPT’s 400,000 pension members will benefit from GBST’s Composer technology in both the accumulation and drawdown stages from this new multi-year contract.
Wipro’s FCA-regulated UK subsidiary will manage TPT’s insurance administration and servicing. Wipro will build a digital environment around the Composer platform to assist TPT’s members, employers, and employees.
According to TPT, this deal, GBST and Wipro’s second joint client, provides a fully outsourced solution for improving productivity, lowering costs, and managing legacy information technology systems.
TPT chief executive officer David Lane says: “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.”
Wipro UKI managing director Omkar Nisal says: “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.”
GBST head of EMEA David Simpson says: “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.”
