Bacon & Woodrow to compile shortlist of stakeholder and AVC providers
The civil service and NHS are looking for stakeholder and AVC providers and have asked Bacon & Woodrow to compile a shortlist for selection.
The FSA is also to offer its staff a stakeholder scheme option but has refused to give any details on how it would select a provider or who would be offered the new product.
The appointment by the NHS and the civil service follows a review of both organisations' existing pension arrangements and their decision to add a stakeholder in order to meet the employer designated responsibilities by 8 October.
The organisations want to offer stakeholder as a concurrency option to their eligible employees and an additional AVC provider to supplement existing arrangements.
The NHS and civil service together have nearly two million members in existing defined benefit schemes.
The Cabinet Office has written to all providers in the market inviting them to express interest in tendering by completing a questionnaire, which is available from the Bacon & Woodrow website.
Successful applicants will be sent a full invitation to tender next month and presentations by a shortlist of finalists will be held in August.
Andy Cox, a partner at Bacon & Woodrow, said: 'In spite of its critics, stakeholder has had a fundamental and positive influence on a whole packaged pension market.
'For years we have been analysing the investment and administrative capabilities of group and personal pension providers.
'This has put us in an excellent position to provide advice and guidance in the changing environment.'
The deadline for completed questionnaires is 5pm on 29 June.www.ifaonline.co.uk
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
Follows string of appointments
Follows acquisition of BlackRock's DC platform
‘In the know’
£116.8m of benefits received by customers