As pensions become increasingly costly and difficult to manage, companies can de-risk their balance sheets by transferring pensions to insurers and pension acquirers
New collaboration enables seamless pension experience from administration to payments
The Bank of New York Mellon Corporation, a global financial services company, and Conduent Incorporated, a global technology-led business solutions and services company, have announced a strategic alliance to connect insurers and pension acquirers with end-to-end pension risk transfer services in one place.
The new strategic alliance combines BNY’s leading global payments and cash management capabilities with Conduent’s expertise in maintaining the records for pension accounts, managing transaction data and ability to provide customer service for pension members. The collaboration provides insurers and pension acquirers access to an end-to-end pension risk transfer solution that operates in a single, comprehensive system.
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“In an increasingly complex pension transfer risk market, we see that clients are on the constant lookout for solutions that can simplify and de-risk these programs,” said Carl Slabicki. “By drawing on BNY’s platform infrastructure for payments and cash management services, and Conduent’s integrated administration expertise, we are able to deliver a unified, end-to-end package that supports clients through every stage of the pension risk transfer lifecycle.”
“Companies with defined benefit programs face high maintenance costs, risk and challenges in managing those plans,” said John Larson. “The collaboration with BNY offers both the insurance market and defined benefit plan sponsors a seamless solution underpinned by Conduent’s more than 40 years of experience in providing administration services for complex defined benefit programs. Companies and their insurers or pension acquirers can reduce liabilities, risks and administration costs while Conduent and BNY provide stellar support to plan participants.”
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Source – Businesswire
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