Serco selects Isio to administer pension and life assurance scheme

26 July 2022 2 min. read

Professional services firm Isio has been named as the new provider of administrative and investment work to Serco’s pensions trust. The news is the latest in a succession of contract gains for Isio.

Employing over 50,000 people, Serco is an outsourcing group with annual revenues of over £4.4 billion. The company is headquartered in Hook, Hampshire, with branches in more than 20 countries, most prominently delivering services in the sectors of health, transport, justice, immigration, space, defence and citizens services.

A company of that size has to have a pension pot to match – and the Serco Pension & Life Assurance Scheme (SPLAS) reportedly has more than £1.5 billion of assets. It currently provides pension benefits to nearly 9,000 members – something which meant the trustees were keen to find the right fit when outsourcing its actuarial, administration and investment services.

Serco selects Isio to administer pension and life assurance scheme

The trustees sought a strategic, collaborative provider which was able to design and execute a plan to deliver better outcomes for their members. Their competitive selection process eventually turned up Isio.

Nadeem Ladha, the Chair of the Trustees, said, “We were looking for a strategic adviser with smart ideas that could add real value to the Scheme. Isio demonstrated this across all services and we were particularly impressed with the team’s focus on supporting members which has been further enhanced by the recent acquisition.”

UK pension and investment advisory Isio acquired Premier at the start of the year – and this is one of the first full-services appointments it has won in the months since. The joining of the two businesses provides a comprehensive range of aligned services which combine expert advice and consultancy; which helped differentiate Isio during the selection process.

Matt Collinson, Partner and Head of Isio in the Midlands, noted, “It’s great to see our approach for Trustee Services deliver results and we are delighted to be working with Serco and the trustees to drive forward the strategic journey for the scheme. We don’t believe the status quo is good enough and we are investing in people, technology and administration to help pension scheme trustees deliver an enhanced experience for their members.”

The Isio team consists of more than 800 people across nine regional hubs, dealing with over 1,000 client relationships, small to blue chip; public to private. Among the clients are household names such as Fujitsu and Tui. Meanwhile, earlier in 2022, Isio also added Scottish Leather Group – a historic employer, with more than 500 years of service in the textiles sector – to its growing portfolio.