Capita Pension Solutions saw its revenue and profit increase year-on-year in 2021, the firm’s financial statement for the year ending 31 December 2021 has revealed.

Revenue increased by £2.5m to £128.2m during the year, while profit before tax rose from 5.4 per cent to 7.4 per cent during the same period.

The firm’s total assets increased by 13 per cent to £179.3m, and over £32m in contract renewals were secured.

Its statement reported that Capita Pension Solutions continues to hold resources in excess of the FCA’s regulatory capital requirements.

Capita Pension Solutions said that bolstering digital capabilities remained a “key business goal”, with more than £3.3m invested in systems technology and processes in 2021.

It currently looks after more than five million members on behalf of 450 pension scheme clients, and made 23 million pension payments totalling over £17bn during the year.

In 2021, the business was ‘simplified’, with Capita Pension Solutions now focusing on administration, consulting and data services following the sale of the master trust.

“Increases in revenue and profit in 2021, along with over £32m of client renewals, are early evidence of the success of our three-year strategy to simplify and digitise Capita Pension Solutions,” commented Capita Pension Solutions managing director, Stuart Heatley.

“Creating consistency of exceptional delivery for our clients and customers remains our number one priority as a business, as we continue to fulfil a vital financial planning and security role for nearly five million pension scheme members.

“Last year continued a challenging, Covid-affected working environment for many of our colleagues and clients, both personally and professionally.

“Incorporating a flexible working model, a greater focus on individual wellbeing, and providing increased learning, development and career progression opportunities, for our colleagues, continues to be at the heart of our business model.”

Share Story: