DENMARK/UK - Danish pension fund and administration provider ATP has pulled out of the running for the personal accounts administration contract in the UK, PADA has confirmed.
The Personal Accounts Delivery Authority said Arbejdsmarkedet Tillaegspension (ATP) had withdrawn because "providing services for personal accounts does not fit with their commercial model".
A PADA spokeswoman explained ATP Group were in competition with Great-West Retirement Services, a consortium made up of Great-West Life & Annuity Insurance Company and Canada Life Group; Logica UK; and Tata Consultancy Services for the contract.
She said: "We completed our evaluation of the pre-qualification questionnaires in April and invited short-listed suppliers to take part in the next stage of the procurement process, which is called competitive dialogue. This process is commercially sensitive. The competitive dialogue process has been underway for over four months.
"ATP Group, which runs Denmark's national pension scheme, has now withdrawn from this process. This is due to a decision that, following our discussions on the detailed requirements, providing services for the personal accounts scheme does not fit with their commercial model."
PADA added the competitive dialogue process with other bidders was "proceeding well".
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.