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In the UK, BNY Mellon has provided asset servicing and administration for collectives and pensions for many years. With the major changes in pensions legislation in 2006, BNY Mellon needed a technology partner who could be relied upon to help them meet the looming deadlines. Particularly challenging was swiftly accommodating the rules that were still being refined as the date approached.
Finding a suitable partner that had the expertise and was suitably responsive proved challenging. CTC was approached in the summer of 2005 and rapidly got into detail that convinced BNY Mellon that timescales were achievable. Terms were agreed for the project and a close working partnership was established within just a few weeks. The project completed by the planned go live date of 6 April 2006.
Not only compliant in time, but over the following year of implementation BNY Mellon achieved considerable efficiency gains. Over the many years, CTC has continued to maintain Elements in line with compliance requirements and continuous performance improvements.
Like many CTC clients, BNY Mellon uses CTC's hosted service accessing the system over the internet. BNY Mellon has the most stringent of security policies requiring CTC to complete an in depth assessment every year requiring approval through the US parent company.
Note that the pensions business in this case study was transfered to Capita in 2015 (retaining the Elements system)