The government is looking for a new administrator to service the Royal Mail Statutory Pension (RMSPS) Scheme, the UK's sixth largest public sector pension fund.
According to an online procurement notice, the current contract for the scheme expires in March 2017, and the government is looking for "innovative proposals" from bidders for a new contract worth £31m. The tender runs until 12 December and the contract will run from 1 April 2017 until 1 October 2024.
The successful administrator will be expected to work with Royal Mail Pension Plan's (RMPP) administrator, Royal Mail Group for members who are beneficiaries in both RMSPS and RMPP.
The RMSPS transferred to the public sector in April 2012 and has approximately 402 000 deferred members and pensioners, of which approximately 116 000 are also members of the RMPP.
As the scheme has no active members, there are no accruing costs or contributions.
The tender document also said applicants are required to submit a signed non-disclosure agreement with their completed selection questionnaire.
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