UK - The £1.3bn Magnox Electric pension fund is seeking an additional provider of financial, pension planning and consultancy services.
Magnox - a wholly-owned subsidiary of the British Nuclear Fuels Group (BNFL) - is tendering for the new provider due to anticipated job losses expected by the end of the decade.
About 3000 employees across the UK will be affected by the move which results from the closure of BNFL’s power plants. Already, four out of its 11 plants have been shut down. A spokesman for BNFL said that five more closures are expected by the end of the decade with the rest to follow shortly after.
The selected provider will advise on retirement and pension issues.
Deadlines for applications is September 19, 2001 with an appointment favoured by December 1.
The tender does not affect existing consultancy or actuarial arrangements.
*The Gloucestershire-based fund is also tendering for a provider of career-options advice.
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