Pension administration services

Concepts

• group pension
• abingdon
• insurance and pensions
• pension services
• pension administration services
• pension administration services none
• pension
• administration

Location

Oxfordshire:

Description

Pension administration services

Award Detail

CPV Codes

• 66522000 - Group pension services
• 66500000 - Insurance and pension services
• 66520000 - Pension services

Legal Justification

The contract is to supply pension administration services to UKAEA. UKAEA acts as scheme manager for several pension schemes, meaning there is a statutory requirement to run the schemes. There is no service requirement for investment management or advice under this contract. Reason for non-competitive action - Timing and cost Issue caused by legislation (see below) Under the Public Service Pensions Act 2013 the UKAEA pension scheme (‘Scheme’) is required to close to future accrual (i.e. individuals will stop building up pension) and ensure active members start building up pension in ‘alpha’, part of the civil service pension scheme. The alpha contract is overseen by the Cabinet Office. UKAEA’s role in this will be as an employer, rather than contract manager. This legally-mandated change was due to occur in 2017-18, however this has now been delayed until late 2026. The existing contract for Pension administration services expires in March 2025. Once the move to alpha occurs, the existing Scheme will have only deferred and pensioner members. Deferred members are those who are no longer building up pension but have not yet retired. The UKAEA Scheme has 40k members, of which 4k are active. Due to the transition costs and the duration it would take to transition to a new supplier with then having to halt any active member work from 2026 due to alpha ie the contract will need to have 12-18 months of a full admin service, then dropping down to just deferred/pensioners we will direct awarded to our existing administration providers to ensure continuity of service for this work.

Other Information

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