Pensions Defined Contribution Scheme

Description

NWUPC, supported by the Universities and Colleges Employers Association (UCEA), are notifying the market of our intention to establish a Framework Agreement for the following three areas: Lot 1 - Defined Contribution Pension Scheme Lot 2 - Group Life Assurance Lot 3 - Flexible Benefits Platform The framework agreement will be open to members of NWUPC, APUC, HEPCW, LUPC, NEUPC and SUPC. The agreement is planned to commence in April 2025. The products under the three Lots will be available to HEI's alongside the existing pension schemes and risk benefits they offer. It will be open to each HEI to decide how they choose to use each product including which employees are able to take up each product. Lot 1: Pensions Defined Contribution Scheme (Master Trust) NWUPC, in conjunction with UCEA and UKUPC, are managing the establishment of a centrally procured Defined Contribution Pension Scheme (Master Trust). This lot will be open to any Higher Education Institution (HEI) to use alongside the existing pension schemes offered by HEIs. Please see the additional information available in the market engagement pack on the background to the requirement and the indicative scope. Lot 2: Group Life Assurance This lot will be open to any Higher Education Institution (HEI) to use alongside lots 1 and/or 3 or in isolation. This lot is for the provision of a group life assurance scheme to complement existing and future benefits offered by HEIs. Please see the additional information available in the market engagement pack on the background to the requirement and the indicative scope. Lot 3: Flexible Benefits Platform This lot will be open to any Higher Education Institution (HEI) to use alongside lots 1 and/or 2 or in isolation. This lot is for the provision of a benefits platform which offers access to a variety of preferred benefit arrangements, covering key UK benefits through a flexible, pre-configured system. The benefit products within this lot will complement existing and future benefits offered by HEIs. Please see the additional information available in the market engagement pack on the background to the requirement and the indicative scope.