The Bank of New York Mellon Corporation (BNY) and Conduent Incorporated have formed a strategic alliance to deliver insurers and pension acquirers an end-to-end pension risk transfer (PRT) solution through a single, streamlined platform.
As pensions become increasingly costly and complex to manage, this collaboration enables companies to de-risk their balance sheets by transferring pensions to insurers and pension acquirers, streamlining operations from administration to payments.
The partnership combines BNY’s global expertise in payments and cash management with Conduent’s capabilities in pension account administration, transaction data management, and customer service for pension members.
Carl Slabicki, Executive Platform Owner, Treasury Services at BNY, stated, “In an increasingly complex pension transfer risk market, we see that clients are on the constant lookout for solutions that can simplify and de-risk these programs.”
He added, “By drawing on BNY’s platform infrastructure for payments and cash management services, and Conduent’s integrated administration expertise, we are able to deliver a unified, end-to-end package that supports clients through every stage of the pension risk transfer lifecycle.”
John Larson, Vice President of Total Benefits at Conduent, said, “Companies with defined benefit programs face high maintenance costs, risk and challenges in managing those plans.”
He continued, “The collaboration with BNY offers both the insurance market and defined benefit plan sponsors a seamless solution underpinned by Conduent’s more than 40 years of experience in providing administration services for complex defined benefit programs. Companies and their insurers or pension acquirers can reduce liabilities, risks and administration costs while Conduent and BNY provide stellar support to plan participants.”
