GB-Salford: PSCR- 15- 1137- ARP-Pensions

Tender description

HMRC has a requirement for a new defined contribution pension arrangement for approximately 250 staff who will be employed by GovCo, a limited company established by HMRC. The employees will not be civil servants. The arrangement will be between the pension provider and GovCo but HMRC will be engaging in the procurement process on GovCo's behalf. The pension scheme should be a bundled contract based scheme with a 1:2 employee to employer matching contribution scale up to a maximum employer contribution of 10% of base pay. A salary sacrifice arrangement will be implemented. There will be no sharing of the employer's NI saving with the employees. The Normal Retirement Age will be in line with the State Pension Age. All employees will be contractually enrolled in the pension scheme and will be allowed to opt-out. GovCo will require the pension scheme to comply with auto-enrolment legislation by its staging date in 2017.