Retirement Savings Vehicle for European Research Institutions, Brussels, is searching for money managers and insurance companies to manage the retirement savings of employees at academic institutions across the European Union, said Filip Hemeryck, senior consulting actuary at RESAVER's consultant, Aon Hewitt.
The multiple employer, multicountry, occupational defined contribution plan will select one money manager or insurance company per EU country, including the U.K., to provide savings products under a framework agreement.
Firms are invited to bid if they meet the criteria, Mr. Hemeryck said. RESAVER will hire firms that offer a competitive fee, he said.
"This solution is targeting individuals with no access to regular occupational pension plans. But employees with an employment contract will also have access to a personal savings product," Mr. Hemeryck said.
Mr. Hemeryck expects that a few million academic employees will benefit from the retirement savings providers hired by RESAVER. The search is in line with pan-European personal retirement product proposal made by the European Commission in June this year.
Proposals are due Dec. 25 and should be submitted via European procurement website Tenders Electronic Daily. Contracts will start in May 2018.
RESAVER, launched earlier this year, is expected to have €100 million ($119 million) to €150 million in assets after five years.