Award

Central reviews - GAD & MyCSP 2020-21 - GT

NATIONAL AUDIT OFFICE

This public procurement record has 1 release in its history.

Award

27 Feb 2021 at 13:47

Award Notice
Summary of the contracting process

The National Audit Office, located in London, has successfully completed the procurement process for the tender titled "Central reviews - GAD & MyCSP 2020-21 - GT". This tender falls under the industry category of Government employee pension schemes and was awarded via a selective procurement method, specifically a call-off from a framework agreement. The contract period commenced on 31st July 2020 and concluded on 30th May 2021, with notable milestones including a comprehensive review of the actuarial services provided by the Government Actuary's Department (GAD) and MyCSP. The tender reached its end on 26th June 2020, and the total contract value was approximately £56,758.80, ensuring an audit of pension disclosures was conducted effectively.

This procurement process presents significant opportunities for firms specialising in financial audits and actuarial services, particularly those with expertise in pension schemes and compliance with IAS 19 accounting standards. Companies that can demonstrate robust professional capabilities in the detailed evaluation of pension disclosures and financial reporting will be particularly well-suited to compete for similar contracts in the future. Given the emphasis on compliance and quality assurance within the procurement process, larger firms with established reputations in the public sector audit sphere, such as Grant Thornton UK LLP, have successfully capitalised on this tender.

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Notice Information

Notice Title

Central reviews - GAD & MyCSP 2020-21 - GT

Notice Description

Central review of GAD - Financial Audit - provision of assurance that GAD has the professional skills and expertise to provide the actuarial services relating to IAS 19 accounting valuations to our clients on which we rely. Detailed requirements are as set out below based on the prior year scope document - no significant changes to scope are expected at this time: Key elements of the review: 1. Source Data 2. Methodology & Assumptions 3. Is GAD sufficiently competent and objective to carry out the work required? 4. Does the quality of GAD's reporting and communication meet professional standards? MyCSP review - Financial Audit - carry out a high-level review of the most recent changes to the MyCSP remuneration disclosures model and actuarial factors used by MyCSP to determine the pension figures for the 2020-21 remuneration report disclosures in respect of the Civil Service Pension Schemes ("CSPS"). Detailed requirements are as per the scope of the prior year review, no significant changes to scope are expected at this time - see scope details below: * review of the nature of changes to the model to ensure they are appropriate; * review the specific changes made to the spreadsheet; * review the inflation uplift factors and that they are being applied appropriately; * checks of sample calculations to ensure the correct figures are being extracted from the model; * review documentation changes in line with changes to the model; * consideration of personnel involved in producing / reviewing the model; * confirm that the controls in place to ensure that the model is not corrupted or misused have not changed; * check that the updated actuarial factors have been correctly incorporated into the model and that they are consistent with the factors provided by the Government Actuary's Department ("GAD"); and * consideration of the updated actuarial factors' fitness for purpose including an assessment of the specific assumptions used in setting them. Key Outputs Central review of GAD - Detailed report on the schemes in scope. Letter of general assurance covering the schemes in scope, but which can be extended to any other pension schemes to which GAD acts as scheme actuary. Milestones February 2021 - initial meetings with GAD. March/April 2021 - meetings with scheme actuaries. March to May 2021 - completion of review following release of IAS 19 valuation reports. Final report and letter of general assurance to be provided by the end of May 2021. MyCSP review - review report covering the changes to the model used by MyCSP. Milestones April 2021 - meetings/discussions with MyCSP. May 2021 - completion of review following provision of information from MyCSP. Final review report to be provided by the end of May 2021.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-0547be34-b2d4-413e-855e-78fde7df294a
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/f001e274-2c5f-4e09-926e-d21f1645caf1
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a framework agreement
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

75 - Administration, defence and social security services

CPV Codes

75320000 - Government employee pension schemes

Notice Value(s)

Tender Value
£56,758 Under £100K
Lots Value
Not specified
Awards Value
£56,758 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
27 Feb 20214 years ago
Submission Deadline
25 Jun 2020Expired
Future Notice Date
Not specified
Award Date
4 Jun 20205 years ago
Contract Period
30 Jul 2020 - 30 May 2021 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
NATIONAL AUDIT OFFICE
Contact Name
Not specified
Contact Email
nao.procurement@nao.org.uk
Contact Phone
02077987000

Buyer Location

Locality
LONDON
Postcode
SW1W 9SP
Post Town
South West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
Westminster
Electoral Ward
Pimlico North
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

GRANT THORNTON

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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