Award

Defined Contribution Pension Scheme Provider

NEW MODEL IN TECHNOLOGY & ENGINEERING

This public procurement record has 3 releases in its history.

Award

29 Mar 2018 at 08:09

Award Notice
TenderAmendment

12 Jan 2018 at 13:04

Tender Notice
Tender

09 Jan 2018 at 17:02

Tender Notice
Summary of the contracting process

The procurement process for the Defined Contribution Pension Scheme Provider is being conducted by the New Model in Technology & Engineering (NMiTE), a newly established university located in Hereford, West Midlands. This tender, classified under "Pension fund management services", is currently in the Award stage, with the contract awarded on 14th February 2018 and published on 29th March 2018. The maximum contract value for this service is set at £180,000, and while the contract period commenced on 19th February 2018, it has no fixed end date as it scales with the institution's growth, which aims to surpass 500 employees by 2032.

This tender presents a significant opportunity for businesses specialising in workplace personal pension schemes, particularly those regulated by the Financial Conduct Authority. Providers that qualify must also be on the Pension Regulator's list of approved master trust providers. As NMiTE actively seeks to expand its workforce and enrolment, companies that can offer innovative pension solutions tailored to the needs of a growing educational institution will be well-positioned to compete. The active participation in this tender process can lead to substantial business growth within the education sector.

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Notice Information

Notice Title

Defined Contribution Pension Scheme Provider

Notice Description

NMiTE is a new university level institution which is being set up to teach engineering in a radical new way. It has three key aims: to educate more home-grown UK engineers with the skills employers need through a partnership model designed by academics, students, industry, innovators and international partners; to expand the diversity of the UK's engineering talent pool by aiming for a 50:50 gender balance; and * to be the UK's innovation lab for change in engineering education. NMiTE aims to enrol its first fee paying students in 2020 at a purpose-built city centre campus in Herford and plans to be educating 5,000+ students by 2032. NMiTE plans to recruit employees to support the increasing student numbers, such that the total number of staff is expected to exceed 500 by the time student numbers achieve 5,000. NMiTE will use the New Scheme to meet its auto-enrolment obligations in respect of all existing employees and new hires. NMiTE requires that the DC Pension Scheme takes the form of a Group Personal Pension Plan or Master Trust, with a single category structure (uniform basis for all members). In respect of the investment arrangement, a suitable off-the-shelf, governed default is preferred. To ensure consistency in respect of management of the pension scheme and as initially the size of the scheme will be small, growing in proportion with staff numbers, the contract has no set end date. NMiTE has set a maximum value in relation to the contract, consistent with its standing order limits for tender processes of PS180,000. However, NMiTE reserves the right to re-tender for Provider Management Services prior to the maximum contract value being reached. Additional information: This process was managed by Barnett Waddingham LLP on behalf of NMiTE. Details can be obtained from the above contact point. To have expressed an interest in this procurement in respect of GPPP provision, potential providers must be a UK based provider of workplace personal pension schemes, regulated by the Financial Conduct Authority (and Prudential Regulation Authority where applicable) and have an independent governance committee that has assessed the GPPP on offer. To have expressed an interest in this procurement in respect of master trust provision, potential providers must have qualified for inclusion in the Pension Regulator's list of approved master trust providers.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-2cdcb96b-7069-4225-b1e8-cc420ccd5e29
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/08e583f6-dc76-4998-92d9-8564a99a9883
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Other - Non-OJEU Tender Process
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66141000 - Pension fund management services

66520000 - Pension services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
£180,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
29 Mar 20187 years ago
Submission Deadline
19 Jan 2018Expired
Future Notice Date
Not specified
Award Date
14 Feb 20188 years ago
Contract Period
19 Feb 2018 - 18 Feb 2040 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
NEW MODEL IN TECHNOLOGY & ENGINEERING
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
HEREFORD
Postcode
HR1 2HX
Post Town
Hereford
Country
England
Major Region (ITL 1)
TLG West Midlands (England)
Basic Region (ITL 2)
TLG1 Herefordshire, Worcestershire and Warwickshire
Small Region (ITL 3)
TLG11 Herefordshire, County of
Delivery Location
TLG West Midlands (England)
Local Authority
Herefordshire, County of
Electoral Ward
Central
Westminster Constituency
Hereford and South Herefordshire

Supplier Information

Number of Suppliers
1
Supplier Name

AVIVA LIFE & PENSIONS

Further Information

Notice Documents

Notice URLs

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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