Anglian Water Group has gone out to tender with a contract worth an estimated £5 million to procure the provision of a new Master Trust pension scheme.
The Group currently operates an employer trust based defined contribution (DC) pension scheme. The new scheme must be auto-enrolment compliant, meets the standards of the Pensions Regulator's Master Trust assurance framework and provides easy access to all the recently introduced pension's flexibilities.
Anglian Water is now seeking to identify a quality pension provider that can offer a Master Trust Solution from the planned implementation date of 1st April 2018 and offer proactive, ongoing support to both the company and its employees.
The water company said it is imperative that the provider can evidence effective governance and provide good outcomes for members and clear, concise member communications, with the capacity of tailored communications to make them look like Anglian Water owns them.
The current pensionable payroll is about £130 million pa and the current DC contributions are 15 %, mainly on a salary sacrifice basis.
The Anglian Water Group has approximately 4,500 employees and the current DC scheme has funds of circa £120 million which may bulk transfer to the new scheme.
The Group is looking for a master trust solution which is flexible and which is capable of accepting the bulk transfer of assets, should this be necessary at some point in the future.
The utility is seeking a trust which meets the Pension Regulator's standards but do not require the provider to be listed on the Pensions Regulator website, provided other satisfactory evidence of such standards is provided.
Anticipated start date of the contract is 21st November 2017 ending in November 2037.
Time limit for receipt of tenders or requests to participate is 30th July 2017. Click here to access the tender documentation
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