Pension services

Tender description

Thames Water intends to enter into an agreement with a suitable Service Provider for the provision of a new defined contribution (DC) Master Trust pension scheme. Thames Water is looking to create an inspiring and innovative approach to its DC pension scheme, with the aim of providing a benefits package that will contribute to the long-term financial wellbeing of its people and support its ambition to be an employer of choice. The duration of this agreement is an initial term of 3 years, with options to extend for a further 5 years (8 years max term). Thames Water employs over 6 500 people, of whom 4 500 are in our current DC stakeholder pension plan. We are seeking a new defined contribution (DC) Master Trust pension scheme, which: • meets the standards of the Pensions Regulator's Master Trust assurance framework and is seeking or has achieved Master Trust authorisation. • provides insight and recommendations to ensure that our DC Master Trust scheme remains in step with market trends, industry benchmarks and standards. • secures a high level of member engagement to and throughout retirement. • uses a leading edge web portal to ensure that members are fully engaged with their pension and also to enable simplified employer administration and contribution upload. We reserve the right to down-select service provider(s) during the tender process. Please refer to the specification contained within Section 4.1 of the Draft ITN survey for further details.