Project Saturn

Description

UK Asset Resolution Ltd (UKAR) is nearing completion of its objective of returning the UK taxpayers' investment in NRAM Ltd (NRAM) and Bradford and Bingley plc (B&B) to the private sector. One option is to sell the NRAM and B&B legal entities, leaving UKAR in public ownership. UKAR is therefore seeking to establish a single supplier contract to outsource all aspects of the running of its remaining business, with the exception of board and company secretarial functions. UKAR will be responsible for meeting contractual obligations to the buyer of B&B and NRAM, a range of liabilities relating to previous asset sales, sponsoring the legacy defined benefit pension schemes and administering other non-loan assets and liabilities. The scope of the contract requires the provision of claims management services and the outsourcing of business administration activities required to run the business, such as management reporting, stakeholder management and other miscellaneous activities (such as, potentially, residual pension management responsibilities). It also involves the planning and management of the transition to the new arrangements.