Group pension services

Description

This is an award notice advising of the completion of the following procurement procedure. Following a review of its current defined contributions (DC) scheme, MAG intends to appoint a new defined contributions provider under the Master Trust model. This decision has been taken so that employees of MAG can access a modern pension arrangement which offers full pension freedoms, comprehensive member engagement, a range of investment choices (where members want these); and default and accompanying investment strategies which are aligned to the new pension freedoms. MAG requires the Master Trust to offer members comprehensive support throughout the period of their membership at a competitive charging level. The contract will serve all of MAG, currently Manchester, London Stansted and East Midlands Airports. There is no guarantee to the value or volume of work awarded under the contract. MAG intends to appoint a new defined contributions (DC) provider under the Master Trust (MT) model. This decision has been taken so that employees of MAG can access a modern pension arrangement which offers full pension freedoms, comprehensive member engagement, a range of investment choices (where members want these); and default and accompanying investment strategies which are aligned to the new pension freedoms. MAG requires the Master Trust to offer members comprehensive support throughout the period of their membership at a competitive charging level. The contract will serve all of MAG, currently Manchester, London Stansted and East Midlands Airports. Based on portfolio of current potential members, the value of ongoing contribution is expected to be circa 10 000 000 GBP-12 000 000 GBP p.a. with potential asset transfer value of circa 60 000 000 GBP. Please note that the 'estimated total value' is based on the estimated value of ongoing contribution of 12 000 000,00 GBP per annum. Further details are contained within the procurement documents.