The government is searching for a pension administration provider to manage the Royal Mail Statutory Pension Scheme (RMSPS) in a £31m deal.

The scheme has approximately 402,000 deferred members and pensioners, with around 116,000 of these also members of the Royal Mail Pension Plan. The scheme has no active members so there are no accruing costs or contributions.

The tender process, which runs until 14 December 2016, will see the winner take over management of the scheme from 1 April 2017 until 1 October 2024.

The RMSPS, which is the sixth largest public sector pension scheme in the UK, was nationalised in April 2012 and its administration services have been looked after by the Royal Mail Pension Service Centre.

The tender document, which was posted online, states that the successful pension administrator will be expected to work with the Royal Mail Pension Plan’s pension administrator, Royal Mail Group Limited, with regard to members who are beneficiaries in both the RMSPS and the RMPP.

The duties of the successful tenders will include accounting services, administration services, interactions with members, member communications (including managing and operating a helpline, issuing benefits statements, annual pension increase letters, printing services and also scheme leaflets), pension payroll services (bulk and individual payroll services) and reporting.

Royal Mail declined to comment on the tender process.

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