U.K. Ministry of Defence seeks provider for military fund

The U.K. Ministry of Defence is looking for a provider to manage a plan for employees of the British Armed Forces, said a spokeswoman.

The provider will offer flexible range of investment options and regular investment updates for pension of the ministry's active members and their dependents, said a note on European website Tenders Electronic Daily. The Armed Forces Stakeholder Pension Scheme is a supplemental plan available in addition to the defined benefit Armed Forces Pension Scheme. The spokeswoman could not immediately provide a current asset size of the Stakeholder Pension Scheme.

The selected contractor will be responsible for collecting contributions on a monthly basis and will provide information on performance of the strategies, member complaints and benchmarking to ministry.

The current provider, Scottish Widows is allowed to rebid, the spokeswoman said.

The contract period is three years, with a possible extension of two additional years. Applications should be submitted by 10 a.m. British Summer Time on Aug. 29.