Pension Administration Software Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Pension Administration Software Market is segmented by Deployment (On-Premises and Cloud), Enterprise Size (SMEs, Large Enterprises, and Government), Type (Public Pension and Private Pension), and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Pension Administration Software Market Size

Pension Administration Software Market Summary

Pension Administration Software Market Analysis

The Pension Administration Software Market is expected to register a CAGR of 2.1% during the forecast period.

  • An administrator can distribute money by the specifications set out by either an employee or an employer on the back of a sophisticated asset module of the pension administration software. As a result, less paper needs to be processed, and there is less chance that the user will make a mistake.
  • The pension administration software works under several platforms, such as Mac, Windows, and others, currently highlighting real-time fund management analytics. Information provided by a program is more precise and current. A software solution also ensures a more streamlined, simple, and error-free experience should any essential audits be required.
  • The retirement administration software market is witnessing a seismic transition with the growing digital needs of clients, low-profit margins for recordkeepers, and a lack of efficient technology for banks. Organizations in the financial services industry need help to keep up with the expensive maintenance of legacy systems. These are layers of inadequate technology systems that increase the complexity of recordkeeping.
  • The federal, state, and municipal governments offer the chance to obtain a public pension. Presently, there are various pension software platforms that large government enterprises are using as a centralized platform for the benefit calculation of a huge number of employees.
  • Despite the adversities of the COVID 19 pandemic, it has necessitated the growth of digital platforms worldwide. Adopting pension administration software across all enterprise scales allowed them to combat crises by managing their pension funds online without human intervention. Also, as per research during the previous year, most people who aren't retired globally intended to save more for their retirement after the COVID pandemic breakdown than they had originally anticipated.

Pension Administration Software Industry Overview

The Pension Administration Software Market is fragmented as it currently consists of many players. Several key players in the market are in constant efforts to bring advancements. A few prominent companies are entering into collaborations and expanding their global footprint in developing regions to consolidate their positions in the market. The major player in this market includes Heywood Limited, Milliman, Inc., The Civica Group, SAP SE, and Oracle Corporation.

  • In December 2022, Milliman, a market-leading consulting firm worldwide, unveiled the news that it had made available the most recent version of its Arius® insurtech software solutions, a series of cutting-edge reserve analysis tools for big self-insureds and property and casualty insurers.
  • In July 2022, Smart, the premier supplier of retirement technology worldwide, designed a revolutionary technology platform, Keystone, to transform the USD 62 trillion retirement savings industry. Keystone by Smart, which can serve hundreds of millions of people, will now be made available to corporate and public-sector clients throughout the world's pensions business.

Pension Administration Software Market Leaders

  1. Heywood Limited

  2. Milliman, Inc.

  3. SAP SE

  4. Oracle Corporation

  5. Capita plc.

  6. *Disclaimer: Major Players sorted in no particular order
Pension Administration Software Market Concentration
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Pension Administration Software Market News

  • In November 2022, Milliman officially launched Milliman Agile ALM. This software solution enables insurers to access asset/liability management (ALM) and stochastic valuation, assisting them in meeting regulations such as IFRS 17 and Solvency II.
  • In September 2022, LifeWorks, a global leader in offering physical and digital solutions that promote people's overall wellness, was wholly acquired by TELUS Corporation for CAD 2.3 billion (USD 1.69 billion). A successful acquisition now expands TELUS Health's global reach by 50 million people and more than 160 countries.

Pension Administration Software Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness-Porter's Five Forces Analysis
    • 4.2.1 Bargaining Power of Suppliers
    • 4.2.2 Bargaining Power of Consumers
    • 4.2.3 Threat of New Entrants
    • 4.2.4 Threat of Substitute Products
    • 4.2.5 Intensity of Competitive Rivalry
  • 4.3 Impact of COVID-19 on the Pension Administration Software Industry

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Introduction of Cloud in the Pension Software
    • 5.1.2 Robust demand in the Governent Entities
  • 5.2 Market Restraints
    • 5.2.1 Increase in Cost and Complexity

6. MARKET SEGMENTATION

  • 6.1 By Deployment
    • 6.1.1 On Premises
    • 6.1.2 Cloud
  • 6.2 By Enterprise Size
    • 6.2.1 SMEs
    • 6.2.2 Large Enterprise
    • 6.2.3 Government
  • 6.3 By Type
    • 6.3.1 Public Pension
    • 6.3.2 Private Pension
  • 6.4 By Geography
    • 6.4.1 North America
    • 6.4.2 Europe
    • 6.4.3 Asia Pacific
    • 6.4.4 Latin America
    • 6.4.5 Middle East and Africa

7. COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 Heywood Limited
    • 7.1.2 Capita plc.
    • 7.1.3 The Civica Group
    • 7.1.4 Equiniti Group plc
    • 7.1.5 Oracle Corporation
    • 7.1.6 Sagitec Solutions
    • 7.1.7 SAP SE
    • 7.1.8 Milliman, Inc.
    • 7.1.9 Buck Global, LLC
    • 7.1.10 Smart Pension Limited
    • 7.1.11 Alight Solutions
    • 7.1.12 L&P Systems Limited
  • *List Not Exhaustive

8. INVESTMENT ANALYSIS

9. FUTURE TRENDS

**Subject to Availability
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Pension Administration Software Industry Segmentation

Pension Administration Software helps an administrator to distribute money by the specifications set out by either an employee or an employer with the help of a sophisticated asset module.

The Pension Administration Software Market is segmented by Deployment (On-Premises and Cloud), Enterprise Size (SMEs, Large Enterprises, and Government), Type (Public Pension and Private Pension), and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Deployment On Premises
Cloud
By Enterprise Size SMEs
Large Enterprise
Government
By Type Public Pension
Private Pension
By Geography North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Pension Administration Software Market Research FAQs

What is the current Pension Administration Software Market size?

The Pension Administration Software Market is projected to register a CAGR of 2.1% during the forecast period (2025-2030)

Who are the key players in Pension Administration Software Market?

Heywood Limited, Milliman, Inc., SAP SE, Oracle Corporation and Capita plc. are the major companies operating in the Pension Administration Software Market.

What years does this Pension Administration Software Market cover?

The report covers the Pension Administration Software Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Pension Administration Software Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Pension Administration Software Industry Report

Statistics for the 2025 Pension Administration Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pension Administration Software analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Pension Administration Software Report Snapshots

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Pension Administration Software Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)