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NDA extend Thurso based Pensions Administration Office Contract
29 June 2009
The NDA has awarded the UKAEA Pensions Administration Office (PAO) an extension on its contract to manage the Combined Nuclear Pension Plan (CNPP).
This was done following a recommendation from the scheme Trustee.
The NDA's Chief Financial Officer, William Roberts, made the announcement following a CNPP meeting in Thurso today.
The UKAEA PAO was initially awarded the contract to manage the CNPP - an industry wide scheme - following a competitive bidding process in 2006.
The CNPP was developed to ensure that existing nuclear sector employees were not adversely affected by the NDA's competition process and their subsequent transfer to a Parent Body Organisation (PBO) pension scheme.
Since being awarded the CNPP contract the PAO has successfully completed the transfer of over 11,000 employees to the scheme.
The NDA's Chief Financial Officer, William Roberts, said:
"The NDA is committed to supporting the Caithness and North Sutherland area to develop a diverse economy – particularly as the Dounreay closure date drawers nearer.
"The extension of this contract for a further two years will enable the PAO to continue to grow – and as it does so this will bring more jobs and opportunities to the area."
UKAEA's Head of Pensions, Richard Stoneham, said:
"PAO is a vibrant, dynamic, growing business in Caithness. We value our existing client base and are therefore delighted that the NDA has recognised the quality of our service and commitment in administering the Combined Nuclear Pension Plan by choosing to extend the existing contract. We look forward to continuing to work with them into the future."
Background
Through its competition process the NDA awards the contracts for strategic management of its sites to Parent Body Organisations (PBO). This means that the NDA retains ownership of the site itself but also drives value for money, innovation, and market development – all crucial factors in the successful decommissioning and clean-up process.
The CNPP was developed to provide continuity of pension provision for employees following the competitions.
