Capita Pension Solutions saw revenue and earnings increase year-on-year in 2021, the company’s financial statements for the year ending December 31, 2021 revealed.
Revenue increased by £2.5m to £128.2m during the year, while pre-tax profit rose from 5.4% to 7.4% during the year. same period.
The company’s total assets increased by 13% to £179.3m, and more than £32m in contract renewals were secured.
Its statement says Capita Pension Solutions continues to hold resources in excess of the FCA’s regulatory capital requirements.
Capita Pension Solutions said building digital capabilities remained a “key business objective”, 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 clients and made 23 million pension payments totaling over £17 billion 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 main trust.
“Increased revenue and profit in 2021, along with over £32 million in customer renewals, are the first evidence of the success of our three-year strategy to simplify and digitize Capita Pension Solutions,” commented the managing director of Capita Pension Solutions, Stuart Heatley.
“Creating exceptional delivery consistency for our clients and clients remains our number one priority as a business, as we continue to fulfill a vital financial planning and security role for nearly five million pension plan members.
“Over the past year, a difficult and Covid-affected work environment has continued for many of our colleagues and clients, both personally and professionally.
“Incorporating a flexible working model, a greater focus on individual well-being and providing increased learning, development and career progression opportunities for our colleagues, remain at the core of our business model.”