The U.K. Cabinet Office is looking for administration and investment platform services for its defined contribution plan, the Civil Service Pension Scheme, London.
The office seeks a single provider for the £390 million ($510 million) portfolio. The plan currently has four providers: Standard Life Savings, Scottish Widows, Prudential Financial and AXA Equitable Life. It could not be learned by press time if they can rebid.
The search notice is on the website of procurement website Tenders Electronic Daily.
Proposals are due Sept. 15. “We will make the decision on the tender by the end of the year or early next year and the solution will be implemented from April 2018,” said Kevin Hughes, senior pensions policy adviser, in a telephone interview.
“Standard Life and Scottish Widow are open to new entrants, Prudential and Equitable Life are open to future accrual but closed to new entrants,” Mr. Hughes added in an e-mail.