Money

Outsourcing giant Serco wins contract worth up to $200 million with US pensions corporation



Outsourcer Serco Group has won a contract worth up to $200 million (£150 million) to provide support services for a US pensions organisation.

The contract with the US Pension Benefit Guaranty Corporation (PBGC) is for an initial one year period with four additional option years. The first order under the contract has already been issued with a value of up to $112 million.

Under the contract, Serco will support PBGC to manage documents and records, build databases, administer benefits, analyse data, automate data processes and provide customer support.

Serco said its bid for the contract had drawn on the capabilities of its  Citizen Services arm and its work on the Federal Retirement Thrift Investment Board  and Centers for Medicare and Medicaid Services (CMS) contracts in the US.

Rupert Soames, chief executive of Serco which operates the Caledonian Sleeper service between Scotland and England, said the award strengthens Serco’s capabilities in the US and internationally.

PBGC is a federal agency that protects the retirement incomes of nearly 37 million US workers in private sector defined benefit pension plans and is currently responsible for the benefits of about 1.5 million people in failed pension plans. Its operations are financed by insurance premiums, investment income and assets and recoveries from failed employer plans.



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