Mandate roundup: EC, Tajikistan, Aberystwyth University, L&G, SEI
The European Commission is supporting the central Asian country of Tajikistan in the creation and implementation of a notionally defined pension system.
The Commission is tendering for support from organisations or individuals in the EU to support the country in drafting secondary legislation and normative acts and develop the organisational, administrative and IT structures required.
The mandate will be supported by a grant from the European Commission and initially run for three years, although this may be extended at Tajikistan or the Commission’s discretion.
It envisages narrowing down applications from eligible participants to 4-8 candidates that would be required to submit detailed tenders.
Invitations to tender are likely to be made by June 2015, with commencement of the support to Tajikistan in November.
In other news, Aberystwyth University has selected Legal & General Investment Management (LGIM) as its insurance-based defined contribution (DC) provider.
Aberystwyth required a group personal pension (GPP) after it closed its defined benefit (DB) Aberystwyth University Pension and Assurance Scheme, moving employees to DC.
LGIM will now take over the 729 members of the pension scheme and any new employees ineligible to join the University Superannuation Scheme (USS), the multi-employer offering for academic staff.
LGIM will initially hold the contract for 10 years after beating four rival providers to the tender.
Finally, the SEI Master Trust has obtained an independent quality assurance after submitting to the framework devised by The Pensions Regulator (TPR) the Institute of Chartered Accountants in England and Wales (ICAEW).
PwC conducted an audit of the DC master trust’s governance and administration before providing the award.
The framework was voluntary and devised by TPR and ICAEW to improve quality in trust-based multi-employer DC schemes and help employers select schemes for auto-enrolment.
SEI becomes the third master trust to submit to the voluntary framework after The People’s Pension and NOW: Pensions.