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What's in a deadline? Stretching the CMA retender time
In this Professional Pensions blog, Donny Hay discusses the 9 June 2021 deadline for retendering fiduciary management services and proposes options for trustees to maximise the time to achieve the best outcomes for their pension scheme.
- Receive responses to invitation to tender from fiduciary managers by the start of June 2021
- If more time is needed, consider re-appointing incumbent on a temporary basis
- Then take additional time to consider all the bids at leisure with view to appointing a fiduciary manager on a long-term basis on the best possible terms later.
- In IC Select’s experience, the average fee reduction achieved from re-tenders has been 25% with the greatest savings over 50%.