The UK civil service and the National Health Service (NHS) have appointed Bacon & Woodrow in a four month project to manage the selection of stakeholder and additional voluntary contributions (AVC) providers.
The appointment follows the decision of both organisations to make the following additions to their pension schemes:
- a stakeholder plan to meet the employer designation responsibilities by October 8, 2001- a stakeholder plan to offer as a concurrency option to all eligible employees- an AVC provider to supplement existing pension arrangements
The cabinet office has invited all market providers who are interested in tendering to complete a questionnaire published on Bacon & Woodrow's website, www.bacon-woodrow.com.
The deadline for questionnaires is June 29. Successful applicants will be sent a full invitation to tender next month and presentations by a shortlist of finalists will be held in August.
By Janet Du Chenne
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.
Smart Pension has absorbed more than 6,500 members from the Corporate Pensions Trust (CPT) after its trustees decided not to apply for authorisation.