Pension fund administration services

Description

Procurement of a supplier of pension administration services for Royal Mail Statutory Pension Scheme(RMSPS). This scheme is managed by the Authority. The RMSPS transferred to the public sector in April 2012 and the former contract expired in March 2017. The Authority sought innovative proposals to this significant pension administration services opportunity. This procurement is solely for the pension administration services to the RMSPS. The successful pension administrator will work with Royal Mail Pension Plan's (RMPP) pension administrator, Royal Mail Group Limited (RMG), with regard to those members who are beneficiaries in both RMSPS and RMPP. RMSPS is currently the 6th largest public sector pension scheme in the United Kingdom. The RMSPS has approximately 402 000 deferred members and pensioners. Approximately 116 000 of these are also members of the RMPP. The scheme has no active members so there are no accruing costs or contributions. Pension Administration services against the following two membership profiles: (1) RMSPS scheme members with no benefits in the RMPP (which amounts to approximately 286 000 members comprised of 116 000 deferred members and 170 000 pensioners) and (2) RMSPS scheme members with benefits in the RMPP (which amounts to approximately 116 000 members comprised of 97 000 deferred members and 19000 pensioners). The pension administration services available include the following: accounting services, administration services, interactions with members, member communications (including managing and operating a helpline, issuing benefits statements, annual pension increase letters, printing services and also scheme leaflets), pension payroll services (bulk and individual payroll services) and reporting. Membership profile 2 also includes the requirement to work with RMPP's pension administration services provider with regard to those members who are beneficiaries in both the RMSPS and RMPP.