Anglian Water Group seeks multiemployer provider for DC plan

Anglian Water Group, Peterborough, England, is looking for a multiemployer plan provider for its defined contribution participants.

The plan, known as a master trust, must be automatic enrollment-compliant, and meet the standards of The Pensions Regulator's master trust assurance framework, said a notice filed with European procurement website Tenders Electronic Daily.

Anglian Water wants to implement the plan effective April 1, 2018, and also wants ongoing support for both the company and participants.

"It is imperative that the provider can evidence effective governance, provide good outcomes for members and clear, concise member communications, with the capacity of tailored communications to make them look like Anglian Water owns them," the notice said.

Anglian Water Group said its current DC plan has about £120 million ($153.3 million) in assets, which it said might do a bulk transfer to the new master trust plan. Current contributions are 15%, mainly on a pretax basis.

Further details are available on the TED website. Proposals are due July 30.

A spokeswoman for Anglian Water Group was not available to comment by press time.