UK - The House of Lords Staff Pension Scheme, the scheme for Parliament’s upper chamber, has put out its first administration tender.
A spokesman for the house’s human resources department explained that the HLSPS is a public sector pension scheme, analogous to the Principal Civil Service Pension Scheme, and is therefore un-funded.
House of Lords employees have a choice between the Premium pension scheme, which is an occupational final salary pension scheme and the Partnership pension account which is a defined contribution scheme.
HLSPS is currently administered by the House of Lords through the HR office and pensions are paid by Paymaster Ltd., which also who does pension transfer work.
The scheme has approximately 440 active members, 325 pensioners in receipt of a pension and approximately 175 with a preserved pension.
“This is, indeed, the first time we have invited tenders for its administration,” the spokesman stated in an e-mail. “The House of Lords will select the tender that is most likely to deliver value for money.”
The scheme will scrutinise candidates’ organisation and approach, their ability to meet required service, including the payment of pensions feasibility, as well as their software and implementation.
Their internal audit capability, reference sites suitability and financial status are also going to be considered.
The spokesman also said applicants must have Cabinet Office authority to administer pensions.
Applications must be sent by April 4. No consultant will be employed in the selection process.