The Mineworkers’ Pension Scheme (MPS) has appointed Brightwell as administrator, following a competitive tender process.
MPS is one of the largest defined benefit pension schemes in the UK with around 7,000 deferred members and 110,000 pensioners in payment. It was closed to future accrual in 1994 on privatisation of the coal industry, meaning all active members became deferred members at that time.
Each year the scheme pays out around £700m to former mineworkers and their beneficiaries.
From January 2025, Brightwell will provide a complete pension administration service to MPS. This includes handling all member processes and contact.
Brightwell will also introduce a new personalised online portal for MPS members who would prefer to manage their pension online.
The new administration platform and portal will be hosted on Procentia’s IntelliPen system which Brightwell introduced for BTPS in 2021.
Dan Whincup, chief executive officer of Coal Pension Trustees Services, said: “After a thorough review of its administration services, I’m delighted to announce that the trustee of the MPS has appointed Brightwell as the scheme’s next administrator.
“We’ve been particularly impressed with how Brightwell has transformed services for BTPS members. We know that MPS and BTPS share very similar values, and we will work closely with Brightwell to further improve our own services.”
Morten Nilsson, CEO of Brightwell, added that winning this contract “demonstrates that there’s real appetite for a more partnership-based approach in the pensions industry”.
Nilsson said: “For too long pensions administration has suffered from under-investment. Our focus is on providing a high-quality member experience delivered efficiently, underpinned by actionable insights.
“We look forward to leveraging all of our technology and experience to deliver a first-rate service to MPS members for the lifetime of the scheme.”
BT Pension Scheme Management rebranded to Brightwell to offer its funding, fiduciary and member services capabilities to third-party DB schemes. Its first new client was the DB section of the EE Pension Scheme which has around 8,000 members.
Brightwell clients now include BTPS for administration and fiduciary management services, the EE Pension Scheme for fiduciary services, and now MPS for administration services.
At the time of the rebrand, Nilsson said the move was not a “volume game” for Brightwell. He said that instead of chasing assets under management or members, the firm wanted to make sure it offered a “bespoke, very tailored service” as it continues to focus fully on the clients it serves, including the BT pension fund.
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