Pension services

Description

The Cabinet Office is re-tendering for the provision of administration and investment platform services for the Civil Service Pension Scheme Defined Contribution (DC) arrangements. The current DC pension arrangements include: 1) Partnership Pension Account (contract-based; bundled; main DC arrangement); 2) The Civil Service Additional Voluntary Contribution Scheme (a statutory scheme — akin to a trust based arrangement); and 3) Standalone Stakeholder scheme contract based; bundled arrangement. Tenders are invited for the provision of DC pension services, through either contract-based or master-trust type arrangement. The Cabinet Offices' preference is to have a single type of arrangement going forwards with a single provider. Bidders can submit 2 bids if they would like to put forward a contract based solution and a master-trust solution. The Cabinet Office intends to select a single preferred provider. The following high level information is provided in order for bidders to assess contract value: AUM: approx. 390 000 000 GBP; Membership: approx. 19 550 (around 50 % actives); Annual contributions: approx. 32 000 000 GBP. Further information is contained within the PQQ. Term of the contract has been entered as 60 months however this may be extended subject to satisfactory performance. Any variations or extensions will be subject to discussion and agreement between the Provider and the Cabinet Office.