Defined Contribution Pension Scheme Provider
New Model in Technology & Engineering · United Kingdom
Key facts
- Contract value
- £180,000
- Awarded
- 14 Feb 2018
- Contract starts
- 19 Feb 2018
- Contract ends
- 18 Feb 2040
- Procedure
- Other - Non-OJEU Tender Process
- Buyer type
- Other public body
Awarded to
| Supplier | Value |
|---|---|
| Aviva Life and Pensions UK | £180,000 |
Description
NMiTE is a new university level institution which is being set up to teach engineering in a radical new way. It has three key aims: to educate more home-grown UK engineers with the skills employers need through a partnership model designed by academics, students, industry, innovators and international partners; to expand the diversity of the UK's engineering talent pool by aiming for a 50:50 gender balance; and ⢠to be the UK's innovation lab for change in engineering education. NMiTE aims to enrol its first fee paying students in 2020 at a purpose-built city centre campus in Herford and plans to be educating 5,000+ students by 2032. NMiTE plans to recruit employees to support the increasing student numbers, such that the total number of staff is expected to exceed 500 by the time student numbers achieve 5,000. NMiTE will use the New Scheme to meet its auto-enrolment obligations in respect of all existing employees and new hires. NMiTE requires that the DC Pension Scheme takes the form of a Group Personal Pension Plan or Master Trust, with a single category structure (uniform basis for all members). In respect of the investment arrangement, a suitable off-the-shelf, governed default is preferred. To ensure consistency in respect of management of the pension scheme and as initially the size of the scheme will be small, growing in proportion with staff numbers, the contract has no set end date. NMiTE has set a maximum value in relation to the contract, consistent with its standing order limits for tender processes of £180,000. However, NMiTE reserves the right to re-tender for Provider Management Services prior to the maximum contract value being reached.
Additional information: This process was managed by Barnett Waddingham LLP on behalf of NMiTE. Details can be obtained from the above contact point. To have expressed an interest in this procurement in respect of GPPP provision, potential providers must be a UK based provider of workplace personal pension schemes, regulated by the Financial Conduct Authority (and Prudential Regulation Authority where applicable) and have an independent governance committee that has assessed the GPPP on offer. To have expressed an interest in this procurement in respect of master trust provision, potential providers must have qualified for inclusion in the Pension Regulator's list of approved master trust providers.
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