Award

Research Services : Research on UK Defined Contribution Pension Scheme Default Investment Strategies

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 1 release in its history.

Award

16 Apr 2024 at 10:01

Award Notice
Summary of the contracting process

The Financial Reporting Council has awarded a contract for research services on UK Defined Contribution Pension Scheme Default Investment Strategies. The contract was awarded to IFF Research Limited. The project involves data collection and analysis to understand default investment strategies used by UK pension schemes, supporting the FRC in setting appropriate actuarial standards. The contract has a total value of £54,000 and a contract period starting on 8th April 2024 and ending on 30th August 2024.

This tender presents opportunities for businesses in the research and development services category. Companies with expertise in pension scheme analysis and actuarial consulting are well-suited to compete. The Financial Reporting Council aims to promote transparency and integrity in business through this research, which focuses on improving UK DC pension schemes' default investment strategies. Small and medium-sized enterprises are encouraged to engage in this procurement opportunity.

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Notice Information

Notice Title

Research Services : Research on UK Defined Contribution Pension Scheme Default Investment Strategies

Notice Description

***THIS IS CONTRACT AWARD NOTICE*** The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. The FRC sets and regularly reviews Actuarial Standard Technical Memorandum 1: Statutory Money Purchase Illustrations ("AS TM1"). AS TM1 specifies the assumptions and methods to be used in the calculation of statutory illustrations of retirement income from 'money purchase' pensions, also known as 'defined contribution' (DC) pensions. AS TM1 requires these illustrations to use assumptions that differ depending on the volatility of the funds in which the DC pension is invested. For a UK Defined Contribution ('DC') pension scheme the selection of the default investment strategy that is offered to scheme members is one of the most important decisions for pension scheme decision-makers. This is because many/most scheme members will follow the default strategy, particularly individuals without the financial knowledge and/or confidence to make an active choice. UK DC schemes typically use a form of 'lifestyle' strategy for the default fund, whereby the investment strategy for an individual changes over time depending on how far away they are from retirement age. We understand there are a wide range of different types of 'lifestyle' strategy used by UK pension funds. We have commissioned this research in order to better understand the strategies used, to inform our policy-making activities in relation to the assumptions and methods as set out in AS TM1. This research project is separate from the current review of the accumulation rate assumptions in AS TM1 v5.0 which was consulted on in November 2023; rather it is intended to inform and support the FRC's longer term strategy and decision-making in relation to AS TM1. This research project will involve data collection and analysis to provide information on the default investment strategies currently offered by UK DC pension schemes, noting that common practice for default DC investment strategies has evolved, particularly since 'pension freedoms' were introduced in 2015. This data and analysis will support the FRC in setting actuarial standards that are appropriate for the current environment of UK DC pension schemes. * The project's core objective is to understand the nature of the various default investment strategies provided to UK scheme members and provide the FRC with statistically significant data on this. * As a second objective, we are also seeking an understanding of why those strategies are provided to scheme members. The FRC does not anticipate bids exceeding PS54,000 incl. VAT. ***THIS IS CONTRACT AWARD NOTICE - THIS TENDER OPPORTUNITY IS CLOSED*** Additional information: ***THIS IS CONTRACT AWARD NOTICE***

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-756bf5d6-6718-4ef8-bf5e-4b16d12112ce
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/46ed72be-0aec-41ff-8cf3-c08a882d8796
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£54,000 Under £100K
Lots Value
Not specified
Awards Value
£42,770 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
16 Apr 20241 years ago
Submission Deadline
26 Feb 2024Expired
Future Notice Date
Not specified
Award Date
28 Mar 20241 years ago
Contract Period
7 Apr 2024 - 30 Aug 2024 1-6 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
THE FINANCIAL REPORTING COUNCIL LIMITED
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
EC2Y 5AS
Post Town
Central 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
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

IFF RESEARCH

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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