CSP25324 – GBE Pension Scheme

Great British Energy (GBE) are seeking to secure a pension provider. As GBE is not part of the civil service, it is not covered by the current civil service pension arrangements and given its unique position, requires a different approach to pension arrangements than would normally be seen in the public sector.

The supplier will need to provide a Defined Contribution Pension Scheme for GBE employees. This scheme will have a default fund that complies with GBE's Statement of Investment Principles into which all employees will be auto enrolled.

The scheme will offer other funds to give members choice in where their contributions are invested. The scheme will offer a portal where members can view their investments and make investment decisions.

This can be online or via a smartphone app or both. The scheme will provide members with an annual statement of their investments which will include detail of management charges.

The scheme will notify members of any life styling arrangements before any change of investment from the default fund is completed. The scheme will provide members with relevant information on an ad-hoc basis especially relating to life styling and retirement options. The scheme will provide on the employer with data on a bi-annual basis, not limited to: - • Membership numbers • Number of members in each fund the scheme offers • Performance of each fund members are invested in • Performance of the funds members are invested in against the providers' benchmark fund • Management charges The scheme provider will engage with the company on a bi-annual basis to provide the above information to assist the company in governance arrangements.