The British Broadcasting Corp., London, is searching for a defined contribution provider, according to procurement website Tenders Electronic Daily.
The provider will select and manage a range of funds and provide a portal for BBC employees to choose and manage their retirement savings. The plan is available for staff that joined the BBC after Nov. 30, 2010. As of March 31, there were 4,200 employees enrolled in the plan. Currently, a collection of individual personal retirement contracts are held with Friends Life. Further information on that arrangement could not be learned by press time.
The agreement will have an initial term of five years, starting on July 1, 2017. The BBC may extend it for another two years.
The BBC anticipates that 550 employees will join the plan for each year of the agreement.
Assets are expected to be about £100 million ($125 million) by March 2017, reaching £250 million to £500 million over the seven-year course of the contract.
Proposals are due by Jan. 11. The RFP is available on TED.
A spokeswoman for the BBC was not available to comment by press time.
