Pension fund administration services

Tender description

The Parliamentary Contributory Pension Fund which is governed by a board of Trustees outsources the administration of the scheme to a third party. The present supplier’s contract will come to an end and the Trustees are therefore issuing an invitation to tender for the provision of this service. The Parliamentary Contributory Pension Fund which is governed by a board of Trustees outsources the administration of the scheme to a third party. The present supplier’s contract will come to an end and the Trustees are therefore issuing an invitation to tender for the provision of this service. The supplier will work closely with the Secretariat who support the trustees and are based in the Corporate Services team in the House of Commons. The PCPF is however a separate legal entity from the house of Commons. The contract is for a period of 5 years with an option to extend for another 5 under the same terms. The estimated value of the contract is 2 000 000 GBP over the extended life of the contract. The PCPF is a small (approx. 700 million GBP) funded, public sector scheme which is unique in the public-sector sphere. The scheme is a defined benefit scheme, with CARE and final salary sections, has approximately 2 500 members and is open to UK Members of Parliament and paid Ministers. In addition to providing core administration services to the Trustees, the supplier will be expected to demonstrate an understanding of the nature of PCPF client base, take a pro-active approach (in relation to responsibilities under contract and topical issues) and provide clear, effective and holistic communications supporting the Trustees’ communications strategy.