Great British Nuclear (GBN) Workplace Pension Scheme

Description

The Government is committed to a programme of new nuclear projects beyond Sizewell C, giving industry and investors the confidence, they need to deliver projects at speed. Great British Nuclear (GBN) was launched to lead delivery of a programme of new nuclear projects. GBN is an executive non-departmental public body, sponsored by the Department for Energy Security and Net Zero. GBN will implement UK policy on new nuclear generation, ensuring energy security and implement a programme that will deliver faster, better value projects with private sector investment.   GBN intends to establish a Defined Contribution (DC) pension plan for its employees which will also act as the auto-enrolment scheme. GBN is seeking a provider to establish a Defined Contribution workplace pension for its employees. All employees will be new staff as such there are no existing DC assets to transfer into the new pension plan. GBN reserves the right to extend the pension provision to any subsidiary which may be set up. GBN reserves the right not to make any award at all, or where an award is made not to extend provision to any subsidiary which may be set up. The estimated total value is indicative only and is based upon GBN’s current understanding of the market, the potential costs of the Total Expense Ratio charge and prior to the conduct of the competitive procurement process. Lot 1: GBN requires a provider to establish a Defined Contribution workplace pension for its employees. GBN reserves the right to extend this provision to its subsidiaries. The Procurement Process will take the form of an Open Procedure and will be conducted in accordance with PCR 2015. In accordance with the Public Services (Social Value) Act 2012, GBN must consider (a) how what is proposed to be procured might improve the economic, social and environmental well-being of the area where it exercises its functions, and (b) how in conducting the process of procurement it might act with a view to securing that improvement. Accordingly, GBN has taken this into account when designing the procurement. The required pension plan is to include the following: Ability to operate under the provider’s Master Trust arrangement; Provision of a ‘matching approach’ with a strong level of contributions; Provision of a competitive, flexible, and modern pension arrangement; One contribution structure for all employees; Availability for entry on day 1 of employment; Contributions based on a percentage of basic salary only; Costs to be taken from the contributions made. The tender documents will include further information regarding the requirements. The Invitation to Tender consists of a Qualification, Technical and Commercial evaluation The contract will be awarded to the Most Economically Advantageous Tender. Additional information: GBN currently has no employees, it is anticipated these will be recruited from the wider nuclear industry