Award

Administration of the Junior Individual Savings Account (JISA) scheme for looked after children and care leavers

DEPARTMENT FOR EDUCATION

This public procurement record has 3 releases in its history.

AwardUpdate

20 Jan 2017 at 13:42

Award Notice
Award

22 Dec 2016 at 10:38

Award Notice
Tender

18 Nov 2016 at 20:17

Tender Notice
Summary of the contracting process

The Department for Education is seeking a supplier for the administration of the Junior Individual Savings Account (JISA) scheme aimed at looked after children and care leavers. This tender is categorised under financial and insurance services and is located in England. The procurement process is currently in the Award stage, with the contract due to commence on 2 January 2017 and run until 29 March 2019, with a potential 12-month extension. The total estimated contract value is up to £283,000 per annum, inclusive of VAT, and the award is expected by late October 2016.

This contract presents a significant opportunity for businesses specialising in financial services, particularly those with expertise in managing savings accounts for vulnerable populations. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) may find this project especially aligned with their capabilities, as the successful bidder will also be tasked with providing financial education and raising additional voluntary contributions for the accounts. Companies with experience in social responsibility initiatives and fundraising will be well-suited to compete for this contract.

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Notice Information

Notice Title

Administration of the Junior Individual Savings Account (JISA) scheme for looked after children and care leavers

Notice Description

In 2011, the Coalition Government ceased funding Child Trust Funds (CTFs) but agreed to establish a new scheme, funded and organised by DfE, to provide children who had been looked after for 12 months with a JISA, with an initial payment from Government of PS200. JISAs and CTFs are long term tax-advantaged saving accounts for children up to the age of 18. To date the scheme has been managed by a contractor and the Department is seeking a supplier to continue managing and administering the scheme. Some of the aspects of the service required include opening accounts for these vulnerable young people with the initial Government contribution of PS200. The supplier will also be ensuring that these accounts are properly operated and invested appropriately with a range of JISA providers. The successful bidder will raise additional voluntary contributions, through donations or fund-raising, to build the value of the accounts. They will also provide financial education to help ensure responsible use of the funds when the JISAs mature at age 18. During 2017, or at a later date to be agreed between the relevant parties, the appointed supplier will also be required to assume management responsibility for approximately 11,000-15,000 CTFs of looked after children from the Official Solicitor for England and Wales; the Official Solicitor for Northern Ireland; or the Accountant of Court (for Scotland). As the corporate parent for children in care, the Government's view is that this group of vulnerable children need the financial help that their peers receive from their parents. The JISA is seen therefore as a modest start in building a nest-egg for these young people, with the expectation that their local authorities will also add to the account, so that by the time these vulnerable young people turn age 18, they will have something more substantial than PS200. The contract is estimated to be awarded by late October. The service will commence on 2 January 2017 and end 29 March 2019, with a possible extension period of up to a further 12 months. The value of the contract will be up to a maximum of PS283,000 per annum, or less (inclusive of VAT) Additional information: Bidders should be mindful of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE). It is the responsibility of tenderers to consider whether or not TUPE applies in the circumstances of this contract and tender accordingly.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-206c18d8-adca-11e6-9901-0019b9f3037b
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/72c3a367-2df0-4c36-b96b-1c643d156d58
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
SME, VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
£500,000 £500K-£1M
Lots Value
Not specified
Awards Value
£531,624 £500K-£1M
Contracts Value
Not specified

Notice Dates

Publication Date
20 Jan 20179 years ago
Submission Deadline
3 Oct 2016Expired
Future Notice Date
Not specified
Award Date
6 Dec 20169 years ago
Contract Period
2 Jan 2017 - 29 Mar 2019 2-3 years
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
DEPARTMENT FOR EDUCATION
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
SW1P 3BT
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
St James's
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

THE SHARE FOUNDATION

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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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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