Manchester Airport PLC, Manchester, England, is searching for a multiemployer defined contribution plan provider for the retirement assets of employees of three airports, according to a notice on European procurement website, Tenders Electronic Daily.
The chosen firm will provide participant engagement services, investment options including a default option and accompanying decumulation investment strategies. The DC plan is new and has £180 million in assets. Contributions to the plan currently range from £10 million to £12 million annually.
The contract will cover the plan for workers of Manchester Airport, London Stansted and East Midlands Airport for an initial period of five years, with an option to extend twice for additional five-year periods.
The selected provider should have permission from The Pensions Regulator to operate in the U.K. market.
Proposals are due by 10 a.m. Greenwich Mean Time on Jan. 25. A spokesman could not be reached to provide additional details.