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Detail of outcome
Response to the consultation on the appointment of a new provider for the Civil Service Defined Contribution Pension Schemes.
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, Cabinet Office is seeking to appoint a single provider for the DC pension schemes to:
- ensure a wide variety of 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 the Scheme Manager
Following a robust procurement exercise the Scheme Manager has identified Legal and General as the preferred provider. We welcome members’ comments on the selection of Legal and General, the transition process should the changes proceed and future scheme developments.