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.
By Madhu Kalia
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.