Award

Provision of Pension Fund Investments Advisory Service

DORSET COUNCIL

This public procurement record has 2 releases in its history.

Award

16 Dec 2021 at 11:11

Award Notice
Tender

27 Oct 2021 at 10:03

Tender Notice
Summary of the contracting process

The Dorset Council is seeking a qualified organisation to provide Pension Fund Investments Advisory Services as part of their role as the administering authority for the Local Government Pension Scheme in Dorset. The contract, valued at £160,000, falls under the industry category of Financial and Insurance Services. The tender period concluded on 18 November 2021, with the contract set to commence on 1 January 2022 and run until 31 December 2025. This opportunity is part of the open procurement method and was initiated as a tender. Interested parties should note that the successful bidder will support the Pension Fund Committee and officers in investment-related matters, given the existing fund value of approximately £3.5 billion as of June 2021.

This advisory service contract represents an excellent opportunity for businesses specialising in financial consultancy, specifically those with experience in pension fund management and investment advisory services. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) are encouraged to participate in the bidding process, leveraging their expertise to compete effectively. Vendors with a strong track record in financial services and a deep understanding of the public sector's pension funds will be particularly well-suited for this contract, enhancing their portfolio and potentially expanding their client base within local government organisations.

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Notice Information

Notice Title

Provision of Pension Fund Investments Advisory Service

Notice Description

Dorset Council ("the Council") is the administering authority for the Local Government Pension Scheme (LGPS) in Dorset which provides pensions and other benefits for employees of the Council, other local authorities and a range of other organisations within the county. The LGPS is a national scheme administered locally and is a 'defined benefit' scheme which means that benefits for scheme members are calculated based on factors such as age, length of membership and salary. Member benefits are not calculated on the basis of investment performance as they would be in a 'defined contribution' scheme. The Council has delegated its responsibilities as an administering authority to the Pension Fund Committee, which consists of five elected members of the Council, three elected members of Bournemouth, Christchurch and Poole Council, and one scheme member representative nominated by the trade unions. Administering authorities are required to maintain a pension fund for the payment of benefits to scheme members funded by contributions from scheme members and their employers, and from returns on contributions invested prior to benefits becoming payable. Contribution levels for scheme members are set nationally, and contribution levels for scheme employers are set locally by actuaries engaged by administering authorities. As at 30 June 2021 the value of the Dorset County Pension Fund ("the Fund") was approximately PS3.5 billion. The Council is seeking an organisation that can provide an advisory service to its Pension Fund Committee and officers on all matters relating to the investments of the Dorset County Pension Fund.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-73aef001-7d67-4fcd-9568-411cd4cc1cab
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/8eda3b76-7838-4545-a18c-b6594da3b57d
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
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
£160,000 £100K-£500K
Lots Value
Not specified
Awards Value
£120,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
16 Dec 20214 years ago
Submission Deadline
18 Nov 2021Expired
Future Notice Date
Not specified
Award Date
2 Dec 20214 years ago
Contract Period
1 Jan 2022 - 31 Dec 2024 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
DORSET COUNCIL
Contact Name
Tom Matthews
Contact Email
thomas.matthews@dorsetcouncil.gov.uk
Contact Phone
+44 1305221265

Buyer Location

Locality
DORCHESTER
Postcode
DT1 1XJ
Post Town
Dorchester
Country
England
Major Region (ITL 1)
TLK South West (England)
Basic Region (ITL 2)
TLK6 North Somerset, Somerset and Dorset
Small Region (ITL 3)
TLK64 Dorset
Delivery Location
TLC North East (England), TLD North West (England), TLF East Midlands (England), TLG West Midlands (England), TLH East (England), TLJ South East (England), TLK South West (England)
Local Authority
Dorset
Electoral Ward
Dorchester West
Westminster Constituency
West Dorset

Supplier Information

Number of Suppliers
1
Supplier Name

MJ HUDSON ALLENBRIDGE

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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