Capita plc confirmed on Thursday that its Pension Solutions business has agreed a contract renewal with an existing UK client valued at £137 million, covering a period of up to 10 years.
The renewed arrangement will come into force in Q1 2026 and is structured to extend and deepen the client relationship. Capita said the extension will run alongside continued deployment of technology and other innovations aimed at streamlining transactions, expanding operational capacity, and enhancing the customer experience.
Chris Clements, Managing Director of Capita Pension Solutions, commented on the renewal, saying: "We are delighted to continue to strengthen this relationship, and are looking forward to continuing to deliver an exceptional service, with new technology solutions and tools to improve the customer experience and create better outcomes for all."
Capita reported the total IFRS 15 transaction price (order book) for the contract is £137 million over the 10-year extended term. The company described the value as the amount recognised under IFRS 15 for the duration of the extended contract term.
In its corporate profile, Capita positions itself as a modern outsourcer that helps clients across public and private sectors run complex business processes more efficiently while creating better consumer experiences. The firm operates across eight countries and employs 34,000 colleagues, supporting primarily UK and European clients with people-based services underpinned by technology.
The renewal reinforces Capita's role in the pensions outsourcing market and highlights the firm's continued focus on technology-led service delivery within its Pension Solutions unit. Beyond the headline contract value and term, limited public detail was provided about the specific services covered under the renewal or the identity of the client, other than that it is an existing UK-based relationship.
Summary of the agreement
- Contract renewal signed with an existing UK client for Capita's Pension Solutions business.
- Agreement valued at £137 million, payable over an extended term of up to 10 years.
- Renewal becomes effective in Q1 2026 and is tied to continued rollout of technology and operational improvements.