Award

Custody and Investment Operations Outsourcing Services

PENSION PROTECTION FUND

This public procurement record has 2 releases in its history.

Award

15 Dec 2021 at 09:47

Award Notice
Tender

12 Jul 2021 at 16:35

Tender Notice
Summary of the contracting process

The Pension Protection Fund has completed the procurement process for Custody and Investment Operations Outsourcing Services, with the contract awarded on 14 December 2021. This selective tender, classified under custody services (CPV 66162000), had an estimated value of £53 million, with a minimum contract value of £9 million. The contract period is set to last from 1 September 2022 to 31 August 2032, covering servicing in the United Kingdom, specifically in London. The procurement method employed was a competitive procedure with negotiation, and the tender period concluded on 18 November 2021.

This tender presents a significant business opportunity, particularly for large-scale financial service providers specialising in custody and investment operations. Companies capable of offering comprehensive fund accounting and transfer agency services are well-suited to compete for this contract. As the Pension Protection Fund may require a secondary custodian for asset management, firms that can demonstrate experience in handling a variety of custodial tasks will likely find a competitive advantage in this procurement process.

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Notice Information

Notice Title

Custody and Investment Operations Outsourcing Services

Notice Description

Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting and transfer agency services (unitisation). We may also appoint a second/reserve Custodian to manage some of the PPF's assets, the exact amount is to be confirmed. Total contract length stated is based on the maximum possible contract term of 10 years. The initial contract term for Custody is 5 years and IOO 3 years. The minimum contract value and maximum contract values are based on the initial contract term and maximum contract term to be spread across the primary and reserve/secondary custodian, exact split is unknown at this stage.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-6717a93b-3f18-4729-ad09-a2565d0c2f6e
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/0553710e-eef9-47af-8eb6-976e693ff1df
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
Competitive procedure with negotiation (above threshold)
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66162000 - Custody services

Notice Value(s)

Tender Value
£53,000,000 £10M-£100M
Lots Value
Not specified
Awards Value
£53,000,000 £10M-£100M
Contracts Value
Not specified

Notice Dates

Publication Date
15 Dec 20214 years ago
Submission Deadline
18 Nov 2021Expired
Future Notice Date
Not specified
Award Date
14 Dec 20214 years ago
Contract Period
31 Aug 2022 - 31 Aug 2032 Over 5 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
PENSION PROTECTION FUND
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
CROYDON
Postcode
CR0 2NA
Post Town
Croydon
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI6 Outer London - South
Small Region (ITL 3)
TLI62 Croydon
Delivery Location
TLI London
Local Authority
Croydon
Electoral Ward
Fairfield
Westminster Constituency
Croydon West

Supplier Information

Number of Suppliers
2
Supplier Names

JPMORGAN CHASE BANK

THE NORTHERN TRUST

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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