Pension services

Tender description

The BBC has appointed a pension plan provider to operate a dingle Defined Contribution (“DC”) arrangement via a Group Personal Pension Plan (“GPP”) product. The BBC has appointed a pension plan provider to operate a dingle Defined Contribution (“DC”) arrangement via a Group Personal Pension Plan (“GPP”) product. The arrangement is known as LifePlan, and is predominantly for staff that joined the BBC after 30.11.2010. It is also available to staff who joined before 1.12.2010, although ordinarily employees who joined before this date would be members of either the BBC Pension Scheme (a defined benefit arrangement). The Pension Plan Provider will select and manage a range of funds that will feature in Lifeplan / GPP, and provide a portal for BBC employees to choose / manage their pension savings. The agreement has an initial term of 5 years (plus 2 x 1 year extensions at the sole discretion of the BBC (the “Term”) and commenced on 1.4.2018. The value of the fees to the Pension Provider will be between the 2 000 000 GBP and 5 500 000 GBP over the 7 year period of the agreement as advertised in the Contract Notice. The fees include any payments due to fund managers that will form part of the GPP, and are subject to the total funds under management each month, and the TERs charged under the scheme.