Provision of Defined Contribution Pension Scheme for GovCo Staff by Friends Life & Pensions Ltd
H M Revenue & Customs · Awarded contract
AwardedProvision of Defined Contribution Pension Scheme for GovCo Staff by Friends Life & Pensions Ltd
Awarded 02 Dec 2015
Awarded02 Dec 2015
Value£50,000.00
SupplierFriends Life & Pensions Ltd
AgencyH M Revenue & Customs
RegionUnited Kingdom
CategoryFinance & Insurance
Expires in 73y 2mo84y 2mo term, 13% elapsed
Awarded 2 Dec 2015Expires 31 Dec 2099
About
H M Revenue & Customs awarded a contract to Friends Life & Pensions Ltd for a defined contribution pension arrangement for approximately 250 staff employed by GovCo, a limited company established by HMRC.
The contract value is £50,000.
The scheme is a bundled contract-based arrangement with a 1:2 employee to employer matching contribution scale up to a maximum employer contribution of 10% of base pay, and includes a salary sacrifice arrangement with no sharing of employer NI savings.
The Normal Retirement Age aligns with the State Pension Age, and all employees are contractually enrolled with an opt-out option.
The scheme must comply with auto-enrolment legislation by its staging date in 2017.
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Provision of Defined Contribution Pension Scheme for GovCo Staff by Friends Life & Pensions Ltd
Won by Friends Life & Pensions Ltd · H M Revenue & Customs
£50Kawarded
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