Actuarial, Administration and Employer Advice

The Trustees of the GMC staff superannuation scheme are undertaking a review of its service providers to ensure that it continues to receive a high quality service and value for money on behalf of the employer and scheme membership. accordingly, the trustees are inviting service providers to bid for the provision of:

— actuarial services,

— administrative service,

— employer Advice service.

Potential service providers must have experience of working with similarly sized schemes and should be able to provide all three of the specified services.

The Trustees of the GMC staff superannuation scheme are undertaking a review of its service providers to ensure that it continues to receive a high quality service and value for money on behalf of the employer and scheme membership. Accordingly, the Trustees are inviting service providers to bid for the provision of:

— actuarial services,

— administrative service,

— employer Advice service.

Potential service providers must have experience of working with similarly sized schemes and should be able to provide all three of the specified services.

Scheme Information

The GMC staff superannuation scheme is a contracted-out defined benefits occupational pension scheme. The principal employer is the General Medical Council. The Scheme closed to new members on 30 June 2013, and has now closed to future accrual from 31 March 2018, although a salary link for active members at this date has been retained.

There are two category types and the benefit structure offers members the opportunity to receive a full pension or exchange part of their pension for a tax free cash sum at retirement.

On 1 January 2020 the membership profile was as follows:

• active members: 466,

• deferred members: 680,

• pensioner members: 217.

As of 31 December 2019, the assets of the Scheme were approximately GBP 256.4 million and a triennial actuarial valuation is due on 31 December 2021.

(MT Ref:221749)