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United Kingdom-Reading: Pension services
Contract notice – utilities
Section I: Contracting entity
Section II: Object
Pensions Master Trust
Thames Water intends to enter into an agreement with a suitable service provider for the provision of a new defined contribution (DC) Master Trust pension scheme.
Thames Water is looking to create an inspiring and innovative approach to its DC pension scheme, with the aim of providing a benefits package that will contribute to the long-term financial well-being of its people and support its ambition to be an employer of choice.
The duration of this agreement is an initial term of 3 years, with options to extend for a further 5 years (8 years max term).
Whole of the Thames Water region.
Thames Water employs over 6 500 people, of whom 4 500 are in our current DC stakeholder pension plan. We are seeking a new defined contribution (DC) Master Trust pension scheme, which:
— meets the standards of the Pensions Regulator's Master Trust assurance framework and is seeking or has achieved Master Trust authorisation,
— provides insight and recommendations to ensure that our DC Master Trust scheme remains in step with market trends, industry benchmarks and standards,
— secures a high level of member engagement to and throughout retirement,
— uses a leading edge web portal to ensure that members are fully engaged with their pension and also to enable simplified employer administration and contribution upload.
We reserve the right to down-select service provider(s) during the tender process.
Please refer to the specification contained within Section 4.1 of the Draft ITN survey for further details.
Thames Water envisages that the contract will be awarded for an initial term of 3 years with options to extend annually up to a maximum term of 8 years.
Section III: Legal, economic, financial and technical information
As detailed in the PQQ.
As detailed in the PQQ documentation.
Bonds and/or parent company guarantees of performance and financial standing may be required.
Specified in the invitation to negotiate.
Consortia may be required to form a legal entity prior to award.
As detailed in the ITN.
Section IV: Procedure
Section VI: Complementary information
Between 3-8 years.
All suppliers who wish to respond to this notice must request a pre-qualification questionnaire (PQQ) by using the link in Section I.3 of this notice, i.e. https://www.thameswater.co.uk/procurement.
Thames Water Utilities Ltd will incorporate a standstill period at the point information on the award of the contract is communicated to tenderers. That notification will provide full information on the award decision. The standstill period, which will be for a minimum of 10 calendar days, provides time for unsuccessful tenderers to challenge the award decision before the contract is entered into.
The Utilities Contracts Regulations 2016 provide for aggrieved parties who have been harmed or are at risk of harm by a breach of the rules to take action in the High Court (England, Wales and Northern Ireland).