Award

WMPF Ill Health Insurance

WOLVERHAMPTON CITY COUNCIL

This public procurement record has 3 releases in its history.

Award

27 Mar 2018 at 11:36

Award Notice
TenderAmendment

27 Mar 2018 at 10:47

Tender Notice
Tender

20 Dec 2016 at 14:36

Tender Notice
Summary of the contracting process

The Wolverhampton City Council is seeking to procure an insurance policy titled "WMPF Ill Health Insurance" for the West Midlands Pension Fund. This contract aims to cover the financial strain on employers due to member ill health early retirement under the Local Government Pension Scheme (LGPS). The procurement process is at the award stage, as the tender was published on 20th December 2016, and the contract period is set to commence on 1st June 2017 and conclude on 31st May 2021. The total value of the contract is estimated at £200,000, and it falls under the insurance and pension services category, primarily serving the West Midlands region of the United Kingdom. The method of procurement used for this tender was selective, adhering to a restricted procedure.

This tender presents significant opportunities for businesses specialising in insurance and pension services, particularly those equipped to handle the complexities involved in providing policies related to employee health risks and retirement benefits. Companies that are well-versed in the regulatory requirements of the LGPS, can offer tailored insurance solutions, and possess a strong track record in public sector contracts would be ideally suited to compete. Engaging with a local authority such as Wolverhampton City Council may also benefit businesses looking to establish or strengthen their presence in the public procurement market.

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Notice Information

Notice Title

WMPF Ill Health Insurance

Notice Description

The West Midlands Pension Fund is looking to procure an insurance policy to cover the strain cost passed onto participating employers as a result of member ill health early retirement. In the event of an ill-health early retirement in the LGPS, additional liabilities arise in the Fund due to: a) early payment of accrued pension; and b) enhancement of the pension in accordance with LGPS Regulations. There are three tiers of ill health outlined in the Regulations, however only two of these involve enhancement (as below) and it is for these tiers that the Fund is wishing to obtain insurance. Tier 1 - The active member of the scheme is expected to never return to work. The member will receive their accrued pension plus 100% of their expected future service as an 'enhancement' Tier 2 - The active member of the scheme is expected to be unable to work for at least three years. The member will receive their accrued pension plus 25% of their expected future service as an 'enhancement' Additional information: Any questions need to be asked via the e-tendering portal at www.wolverhamptontenders.com. All submissions should also be made at this site. Please ensure you allow sufficient time for submitting your response. This procurement has been abandoned.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-36a51a34-6718-4db5-8b1e-6445316693a8
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/fa43bb04-790e-4eb4-9fa1-bcbee1a8cece
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Restricted procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66500000 - Insurance and pension services

Notice Value(s)

Tender Value
£200,000 £100K-£500K
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
27 Mar 20187 years ago
Submission Deadline
23 Jan 2017Expired
Future Notice Date
Not specified
Award Date
26 Mar 20187 years ago
Contract Period
31 May 2018 - 31 May 2021 3-4 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
WOLVERHAMPTON CITY COUNCIL
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
WOLVERHAMPTON
Postcode
WV1 1RL
Post Town
Wolverhampton
Country
England
Major Region (ITL 1)
TLG West Midlands (England)
Basic Region (ITL 2)
TLG3 West Midlands
Small Region (ITL 3)
TLG39 Wolverhampton
Delivery Location
TLG West Midlands (England)
Local Authority
Wolverhampton
Electoral Ward
St Peters
Westminster Constituency
Wolverhampton West

Supplier Information

Number of Suppliers
1
Supplier Name

PROCUREMENT ABANDONED

Further Information

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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