Defined Contribution: Transition Project
Cabinet Office as Scheme Manager is seeking to make changes to the providers of the Civil service Defined Contribution (DC) pension schemes, so that the schemes remain suitable.
Specifically it is seeking to appoint a single provider for the DC pension schemes to:
- Ensure suitable investment options are available for members;
- Reduce charges paid by members;
- Increase access to flexible benefit options
directly from the pension schemes;
- Simplify the administration requirements for employers;
- Simplify the governance requirements for Civil Service Pensions.
Following a robust procurement exercise the Scheme Manager has selected Legal & General as the new DC provider with effect from 1 September 2018.