Wednesday, 19 June 2019
Invitation to Tender - Pension Scheme Provision
The Chamber is seeking a root and branch review of its pension scheme and for the successful tenderer to demonstrate a scheme which offers:
- A pension scheme that offers the best return for the organisation while affording guaranteed protection in the management of the pension scheme
- A pension scheme that offers the best return for Chamber employees while affording guaranteed protection in the management of the pension scheme
- Support regarding annual pension auto-enrolment compliance
- Advice and support to both the organisation and employees to maximise this return
- Innovation and creativity in the delivery, monitoring and administration of the Chamber pension scheme
The Chamber’s current pension provider is Standard Life and the pension scheme is the ‘Group Self Invested Personal Pension/Group Flexible Retirement Plan’. The Chamber’s incumbent pension broker is member The Wilson Organisation.
The scheme commenced on 1 July 2008 following an external market exercise and consolidated various schemes following the merger of Chambers of Commerce in Derbyshire and Nottinghamshire (in 2006) and was grown further following the merger with Leicestershire Chamber of Commerce (in 2013) to form East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire).
The basis of the scheme is an 8% gross salary non-contributory payment by the Chamber per annum for each eligible employee.
As at 30 April 2019, 138 employees were enrolled in the pension scheme. Of these 138 pension scheme participants, nine employees have additional voluntary contributions in place and seven employees have salary sacrifice payments established.
It has been ten years since the last external market exercise to ensure that the Chamber pension scheme offers the best return for the organisation and its employees.
Much has changed in the pensions landscape in the last decade and it is considered timely to review the market place.
For further information or for an informal conversation regarding this opportunity, please contact Scott Knowles, Chief Executive at firstname.lastname@example.org or on 07855 742088.Back