Serco wins £170m pensions deal

Outsourcing firm Serco, which runs the Docklands Light Railway, yesterday secured its first pensions deal. Serco, which also runs the Boris bikes scheme, will provide back office support services for life and pensions company Aegon in a deal worth £170m over the ten-year term.

It will also manage some of Aegon’s so called “zombie” funds, policies which are no longer sold but require ongoing management.