MetLife is to pen a £120 million contract with outsourcing group Capita to provide customer service, administration, claims and IT support for its UK and Ireland pension and bond operation.
The £120 million contract is for ten years, with the option for additional services to be added along with any growth in MetLife’s business model.

Dominic Grinstead, managing director of MetLife UK, said the contract with capita underlines the business’ commitment to growth in the expanding UK retirement income market.

He added, ‘It enables us to build on our commitment to service excellence and we will have even greater scalability and flexibility through this deal.’

As a result of this agreement, Capita’s Life and Pensions business will now administer around 23 million policies.

Paul Pindar, chief executive of the Capita Group, added, ‘MetLife chose to extend their relationship with us both because of our cost-effective delivery and our effective customer service.

‘Under this contract our integrated operating infrastructure will not only deliver further cost and quality benefits but will also provide a flexible platform for MetLife's growing business.’