Tender

Actuarial Consultancy Services in relation to Pensions

BANK OF ENGLAND

This public procurement record has 1 release in its history.

Tender

16 Jan 2023 at 16:34

Tender Notice
Summary of the contracting process

The Bank of England is looking to conduct an open tender procedure for Actuarial Consultancy Services in relation to Pensions. The procurement process involves a 5-year contract with a possible extension, including services such as IAS19 valuations and advising the Pension Fund Trustees. The procurement stage is currently active, with a tender deadline of 10th February 2023. The contract period is set to start on 12th September 2023, with an estimated value of £3,000,000.

This tender by the Bank of England presents an opportunity for businesses specializing in actuarial services and pension fund consultancy. The procurement process is suitable for SMEs, offering a chance to engage with a high-profile organisation and potentially secure a long-term contract. Businesses with expertise in financial consultancy and pension fund management are well-suited to compete for this tender opportunity.

Find more tenders on our Open Data Platform.
How relevant is this notice?

D3 Tenders Premium

Win More Public Sector Contracts

AI-powered tender discovery, pipeline management, and market intelligence — everything you need to grow your public sector business.

Start Free Trial Book a Demo
All Features Pricing

Notice Information

Notice Title

Actuarial Consultancy Services in relation to Pensions

Notice Description

The Bank is looking to conduct an open tender procedure in 2023 for the re-tender of its Actuarial Consultancy Services contract and is planning to tender for a 5-year contract (with an option to extend for up to an additional 5 years). The services to be provided will include performing the Bank's annual IAS19 valuations together with the associated disclosures for the Bank's annual report and accounts, advising the Bank in its discussions with the Pension Fund Trustees and their actuarial advisers during the triennial valuation for the Fund and during all other significant engagements with the Trustees and providing other general advice to the Bank on Pension related matters as required. The services will also include providing the cost for each of the Bank's CARE pension accrual rates, the flex rates and the opt out rates based on the Pension Fund's investment strategy. This PIN is intended to obtain expressions of interest from market suppliers in relation to the described services. The Bank would like to invite interested suppliers to respond to a market sounding questionnaire to assess suppliers' capability, capacity and appetite to deliver the services required by the Bank. In order to register your interest for this opportunity, and participate in the market sounding questionnaire exercise, please access the relevant materials via the Bank's eTendering portal (Proactis): https://supplierlive.proactisp2p.com/Account/Login Please note that the contract value included in this PIN is estimated and does not act as a commitment of spend by the Bank. During the life of the contract, the Bank is looking to tender for, it would only be required to pay for the services it uses.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-e69f4d4c-c768-4694-8276-3552c1536515
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/a726725c-2920-4d68-b7c9-37879a6356d7
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Other -
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66141000 - Pension fund management services

66519600 - Actuarial services

66520000 - Pension services

66523000 - Pension fund consultancy services

Notice Value(s)

Tender Value
£3,000,000 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
16 Jan 20233 years ago
Submission Deadline
10 Feb 2023Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
11 Sep 2023 - 11 Sep 2033 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
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
EC2R 8AH
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
Walbrook
Westminster Constituency
Cities of London and Westminster

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

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. 

{
    "tag": [
        "compiled"
    ],
    "id": "ocds-b5fd17-e69f4d4c-c768-4694-8276-3552c1536515-2023-01-16T16:34:52Z",
    "date": "2023-01-16T16:34:52Z",
    "ocid": "ocds-b5fd17-e69f4d4c-c768-4694-8276-3552c1536515",
    "language": "en",
    "initiationType": "tender",
    "tender": {
        "id": "9979f97d-0e93-4312-a2a3-815d0fccd58f",
        "title": "Actuarial Consultancy Services in relation to Pensions",
        "description": "The Bank is looking to conduct an open tender procedure in 2023 for the re-tender of its Actuarial Consultancy Services contract and is planning to tender for a 5-year contract (with an option to extend for up to an additional 5 years). The services to be provided will include performing the Bank's annual IAS19 valuations together with the associated disclosures for the Bank's annual report and accounts, advising the Bank in its discussions with the Pension Fund Trustees and their actuarial advisers during the triennial valuation for the Fund and during all other significant engagements with the Trustees and providing other general advice to the Bank on Pension related matters as required. The services will also include providing the cost for each of the Bank's CARE pension accrual rates, the flex rates and the opt out rates based on the Pension Fund's investment strategy. This PIN is intended to obtain expressions of interest from market suppliers in relation to the described services. The Bank would like to invite interested suppliers to respond to a market sounding questionnaire to assess suppliers' capability, capacity and appetite to deliver the services required by the Bank. In order to register your interest for this opportunity, and participate in the market sounding questionnaire exercise, please access the relevant materials via the Bank's eTendering portal (Proactis): https://supplierlive.proactisp2p.com/Account/Login Please note that the contract value included in this PIN is estimated and does not act as a commitment of spend by the Bank. During the life of the contract, the Bank is looking to tender for, it would only be required to pay for the services it uses.",
        "datePublished": "2023-01-16T16:34:52Z",
        "status": "active",
        "classification": {
            "scheme": "CPV",
            "id": "66141000",
            "description": "Pension fund management services"
        },
        "additionalClassifications": [
            {
                "scheme": "CPV",
                "id": "66519600",
                "description": "Actuarial services"
            },
            {
                "scheme": "CPV",
                "id": "66520000",
                "description": "Pension services"
            },
            {
                "scheme": "CPV",
                "id": "66523000",
                "description": "Pension fund consultancy services"
            }
        ],
        "items": [
            {
                "id": "1",
                "deliveryAddresses": [
                    {
                        "postalCode": "EC2R 8AH"
                    },
                    {
                        "countryName": "British Oversea Territories"
                    },
                    {
                        "countryName": "Channel Islands"
                    },
                    {
                        "countryName": "Europe"
                    },
                    {
                        "countryName": "Isle of Man"
                    },
                    {
                        "countryName": "Rest of the World"
                    },
                    {
                        "countryName": "United Kingdom"
                    }
                ]
            }
        ],
        "value": {
            "amount": 3000000,
            "currency": "GBP"
        },
        "procurementMethodDetails": "Other -",
        "tenderPeriod": {
            "endDate": "2023-02-10T12:00:00Z"
        },
        "contractPeriod": {
            "startDate": "2023-09-12T00:00:00+01:00",
            "endDate": "2033-09-11T23:59:59+01:00"
        },
        "suitability": {
            "sme": true,
            "vcse": false
        },
        "mainProcurementCategory": "services",
        "documents": [
            {
                "id": "1",
                "documentType": "tenderNotice",
                "description": "Opportunity notice on Contracts Finder",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/a726725c-2920-4d68-b7c9-37879a6356d7",
                "datePublished": "2023-01-16T16:34:52Z",
                "format": "text/html",
                "language": "en"
            },
            {
                "id": "2",
                "documentType": "tenderNotice",
                "description": "Supplier Network Login Page",
                "url": "https://supplierlive.proactisp2p.com/Account/Login"
            }
        ]
    },
    "parties": [
        {
            "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/9yt6Qa35",
            "name": "BANK OF ENGLAND",
            "identifier": {
                "legalName": "BANK OF ENGLAND",
                "scheme": "GB-SRS",
                "id": "sid4gov.cabinetoffice.gov.uk/9yt6Qa35"
            },
            "address": {
                "streetAddress": "Bank of England, Threadneedle Street, , ,",
                "locality": "London",
                "postalCode": "EC2R 8AH",
                "countryName": "UNITED KINGDOM"
            },
            "contactPoint": {
                "name": "Chloe Ludlow-Gomm",
                "email": "Chloe.Ludlow-Gomm@bankofengland.co.uk",
                "telephone": "02034613000"
            },
            "roles": [
                "buyer"
            ]
        }
    ],
    "buyer": {
        "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/9yt6Qa35",
        "name": "BANK OF ENGLAND"
    }
}