Provision of advice regarding the sourcing of an employer administered defined contribution pension scheme

Tender description

The Council is seeking advice regarding employer administered Defined Contribution pension schemes. The current provider of such a scheme for employees in a private sector company in which the Council has an interest is withdrawing provision. The assistance of a specialist is required to provide advice to the Council so it is able to: • Determine which firms are likely to be interested in providing a Defined Contribution (DC) pension scheme arrangement for a company employing c100-150 potential scheme members and what the fees/costs associated with such an arrangement are likely to be; • Identify what legal/regulatory issues are pertinent to the selection and appointment of a reputable company capable of providing a DC pension scheme arrangement (e.g. new requirements regarding minimum contribution rates). The company concerned is also in a Teckal arrangement (which may change in future) and the Council requires advice as to whether this has any implications for the sourcing of a DC pension scheme; • Identify alternative options if there is little or no market appetite for provision (for example, Nest); • Determine what would constitute a reasonable 'package' to offer to employees in terms of pension provision including but not limited to employer contribution rates, the extent to which employer and employee contributions should be matched, whether additional items such as life cover should be included and the extent to which employees can access and manage their pension scheme details via the web. In the context of employee remuneration, advice is sought regarding what package represents a reasonable and competitive offer.