Manchester Airport PLC, Manchester, England, will search for a provider of a multiemployer defined contribution plan.
The airport operator is to launch a search in September following a review of its current DC plan, details of which were not available, including the asset size. It wants to move to a multiemployer plan, known as a master trust, from its existing DC plan, said a notice filed with European procurement website Tenders Electronic Daily.
"This decision has been taken so that the (Manchester Airports Group) members can gain access to a more modern pension arrangement, which caters well for access to the pension freedoms, has a more digital user experience, has wider investment choices (where members want these) and as master trust providers can run a more centralized governance model, annual management charges are lower for members," said the notice.
Manchester Airports Group will run a "supplier day" Sept. 6, for which registration is required by email by Aug. 17. Emails must confirm the name of company attendees, with a limit of two persons per firm, as well as position in the company and contact email addresses.
The group will begin searching for a replacement in September, with a hiring date of April 2019. An executive at Manchester Airports Group declined to comment.