United Kingdom-Manchester: Group pension services
Periodic indicative notice – utilities
This notice is a periodic indicative notice only
Section I: Contracting entity
Main address: www.magworld.co.uk/magweb.nsf
Section II: Object
Provision of Master Trust DC Pension scheme
Following a review of the current MAG DC Scheme, the MAG Group intends to appoint a new DC provider under the master trust model.
This decision has been taken so that the MAG members can gain access to a more modern pension arrangement which caters well for access to the pension freedoms, has a more digital user experience, has wider investment choices (where members want these) and as master trust providers can run a more centralised governance model annual management charges are lower for members.
Manchester Airport PLC, Olympic house, Manchester, M90 1QX.
Tenders who have an interest in this procurement are requested to register your interest in attending the MAG supplier day at the Manchester Airport campus on the 6.9.2018. Registration for the event will require the supplier to email: Info.email@example.com — your email must be titled “MAG ID1445 Master Trust DC Pension scheme — MAG supplier day and be received to the Info.firstname.lastname@example.org email by before 15:00 on 17.8.2018. In the registration email confirm the names of your companies attendee's, the number of attendees per company is limited to 2 persons per company, please provide their name's and their position within the company complete with their contact email address.
MAG will commence the process to select a replacement DC scheme via a call for competition contract notice in September 2018. The selection process is targeted to be completed in April 2019, with the timing of the changeover to the new provider for future contributions to be determined thereafter.
Section IV: Procedure
Section VI: Complementary information
Any interested applicants to the supplier day are required to meet the following criteria:
— confirm that you are applying for Master Trust Authorisation as of 1.10.2018 and have participated in the “dry run” which opened in May 2018, http://www.thepensionsregulator.gov.uk/trustees/master-trust-authorisation.aspx
— confirm that you have had no regulatory fines or citations,
— confirm your assets are likely to be in excess of 500 000 000 GBP in 3 years time
— confirm that you have other participating employers with schemes of a similar size to MAG — scheme is 75 000 000 GBP under management with 5 000 members,
— confirm that you are investing significantly over the next 5 years to improve your proposition and member journey,
— confirm that all options under Freedom and Choice is available to members within your Master Trust.
As part of your registration email for the supplier day, please provide a statement that you can meet the above minimum criteria.