Danish pension fund and administration provider Arbejdsmarkedet Tillaegspension (ATP) has pulled out of the race for the personal accounts administration contract.
The Personal Accounts Delivery Authority (PADA) confirmed that ATP had withdrawn from the bidding process on the grounds that providing services for personal accounts does not fit with its “commercial model.”
A statement from PADA said: “ATP Group, which runs Denmark’s national pension scheme, has now withdrawn from this process. This is due to a decision that, following our discussions on the detailed requirements, providing services for the personal accounts scheme does not fit with their commercial model. The competitive dialogue process with other bidders is proceeding well.”
ATP Group were in competition with Great-West Retirement Services, Logica UK and Tata Consultancy Services for the contract.