Tender

Government Actuary's Department - Economic Scenarios

GOVERNMENT ACTUARY DEPARTMENT

This public procurement record has 2 releases in its history.

TenderAmendment

07 Dec 2023 at 15:53

Tender Notice
Tender

17 Nov 2023 at 15:02

Tender Notice
Summary of the contracting process

The Government Actuary's Department is seeking a provider for a stochastic real-world economic scenario set. This procurement opportunity falls under financial and insurance services category. The contract period starts on 19th February 2024 and ends on 18th February 2025. The tender deadline is 15th December 2023. The tendering process uses an open procedure below threshold with a total contract value of £5000 GBP. The buyer is the Government Actuary Department based in London, England.

This tender presents an opportunity for businesses in the financial and insurance services sector to provide a scenario set for economic forecasting. Small and medium enterprises (SMEs) are particularly encouraged to compete for this contract. The process involves submitting tenders via email to procurement@gad.gov.uk. Businesses capable of providing stochastic forecasts of economic scenarios and inflation measures for UK retail investors are well-suited for this opportunity. The contract requires an initial scenario set by 31st December 2023 and subsequent optional sets post that date based on client needs.

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

Government Actuary's Department - Economic Scenarios

Notice Description

The Government Actuary's Department ('GAD') is a non-ministerial Government department with a mission to improve the stewardship of public sector finances by supporting effective decision-making and robust financial reporting through actuarial analysis, modelling and advice. We provide actuarial solutions including financial risk analysis, modelling and advice to support the UK public sector. We apply the actuarial profession's technical skills, consultancy discipline, high standards of professionalism and industry sector knowledge to solve financial challenges faced by the UK public sector. GAD is currently advising a client who requires analysis of future asset and liability outcomes. To support our advice in this area, GAD are looking to tender for a contract for the provision of a stochastic real-world economic scenario set ("scenario set" or "economic scenario file"). The economic scenario file should contain stochastic forecasts of economic scenarios covering investment returns for a range of asset classes, as well as inflation measures, for a retail investor in the UK. GAD already receives quarterly scenario sets from our regular projection provider and this contract is a one-off exercise to supplement those projections, to help us test the sensitivity of our analysis to the selected scenarios. While the focus of this work is to satisfy the requirements of a single client, we reserve the right to use any scenario sets provided to us as part of this contract in work for other clients where we deem it to be applicable. We require an initial scenario set calibrated with an effective date as at or before 31 December 2023 and delivered as soon as possible after the tender is awarded. This calibration should be based on standard assumptions that reflect the provider's own views. Based on this scenario set and subsequent engagement between the supplier, GAD and the client, additional scenarios set may be required. Depending on the views of the client, the potential outcomes include: * No additional scenario sets are required. * One or more additional scenario sets, which reflect the provider's own views, are required. * One or more additional scenario sets, adjusted in consultation with GAD and the client, are required. These additional scenario sets will be calibrated with an effective date as at or after 31 December 2023. These additional scenario sets will be covered under this contract (ie separate procurement exercises will not be conducted). Based on our current timelines, GAD expect we will only require one additional scenario set, if any additional scenario sets are required. Tenders for must be submitted via email to procurement@gad.gov.uk. Failure to do so may result in the tender response not being processed or the response being automatically disqualified during the evaluation stage of the tender process

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-f6ea70e2-ded6-41bc-889f-a440abed7893
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/263e3f84-ac7e-4682-8b99-13dbfc9fd1b1
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
£5,000 Under £100K
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
7 Dec 20232 years ago
Submission Deadline
15 Dec 2023Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
19 Feb 2024 - 18 Feb 2025 1-2 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
GOVERNMENT ACTUARY DEPARTMENT
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
E14 4PU
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Canary Wharf
Westminster Constituency
Poplar and Limehouse

Further Information

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-f6ea70e2-ded6-41bc-889f-a440abed7893-2023-12-07T15:53:00Z",
    "date": "2023-12-07T15:53:00Z",
    "ocid": "ocds-b5fd17-f6ea70e2-ded6-41bc-889f-a440abed7893",
    "language": "en",
    "initiationType": "tender",
    "tender": {
        "id": "FIN-EconomicScenarios-2023",
        "title": "Government Actuary's Department - Economic Scenarios",
        "description": "The Government Actuary's Department ('GAD') is a non-ministerial Government department with a mission to improve the stewardship of public sector finances by supporting effective decision-making and robust financial reporting through actuarial analysis, modelling and advice. We provide actuarial solutions including financial risk analysis, modelling and advice to support the UK public sector. We apply the actuarial profession's technical skills, consultancy discipline, high standards of professionalism and industry sector knowledge to solve financial challenges faced by the UK public sector. GAD is currently advising a client who requires analysis of future asset and liability outcomes. To support our advice in this area, GAD are looking to tender for a contract for the provision of a stochastic real-world economic scenario set (\"scenario set\" or \"economic scenario file\"). The economic scenario file should contain stochastic forecasts of economic scenarios covering investment returns for a range of asset classes, as well as inflation measures, for a retail investor in the UK. GAD already receives quarterly scenario sets from our regular projection provider and this contract is a one-off exercise to supplement those projections, to help us test the sensitivity of our analysis to the selected scenarios. While the focus of this work is to satisfy the requirements of a single client, we reserve the right to use any scenario sets provided to us as part of this contract in work for other clients where we deem it to be applicable. We require an initial scenario set calibrated with an effective date as at or before 31 December 2023 and delivered as soon as possible after the tender is awarded. This calibration should be based on standard assumptions that reflect the provider's own views. Based on this scenario set and subsequent engagement between the supplier, GAD and the client, additional scenarios set may be required. Depending on the views of the client, the potential outcomes include: * No additional scenario sets are required. * One or more additional scenario sets, which reflect the provider's own views, are required. * One or more additional scenario sets, adjusted in consultation with GAD and the client, are required. These additional scenario sets will be calibrated with an effective date as at or after 31 December 2023. These additional scenario sets will be covered under this contract (ie separate procurement exercises will not be conducted). Based on our current timelines, GAD expect we will only require one additional scenario set, if any additional scenario sets are required. Tenders for must be submitted via email to procurement@gad.gov.uk. Failure to do so may result in the tender response not being processed or the response being automatically disqualified during the evaluation stage of the tender process",
        "datePublished": "2023-11-17T15:02:27Z",
        "status": "active",
        "classification": {
            "scheme": "CPV",
            "id": "66000000",
            "description": "Financial and insurance services"
        },
        "items": [
            {
                "id": "1",
                "deliveryAddresses": [
                    {
                        "countryName": "United Kingdom"
                    },
                    {
                        "countryName": "United Kingdom"
                    }
                ]
            }
        ],
        "value": {
            "amount": 5000,
            "currency": "GBP"
        },
        "procurementMethod": "open",
        "procurementMethodDetails": "Open procedure (below threshold)",
        "tenderPeriod": {
            "endDate": "2023-12-15T23:59:00Z"
        },
        "contractPeriod": {
            "startDate": "2024-02-19T00:00:00Z",
            "endDate": "2025-02-18T23:59:59Z"
        },
        "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/263e3f84-ac7e-4682-8b99-13dbfc9fd1b1",
                "datePublished": "2023-11-17T15:02:27Z",
                "format": "text/html",
                "language": "en",
                "dateModified": "2023-12-07T15:53:00Z"
            },
            {
                "id": "2",
                "documentType": "tenderNotice",
                "description": "Invitation to Tender, including full instructions, specification and response template",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/Attachment/186e9380-d8cc-407d-86a5-004462200b2b",
                "format": "application/pdf"
            },
            {
                "id": "3",
                "documentType": "biddingDocuments",
                "description": "Response template for commercial criteria",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/Attachment/ce48a93f-fb2d-48f4-b735-2ce043a2a2a1",
                "format": "application/vnd.ms-excel.sheet.binary.macroEnabled.12"
            },
            {
                "id": "4",
                "documentType": "clarifications",
                "description": "Economic Scenarios Clarification responses",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/Attachment/b6c22551-1e4a-4211-b891-1f4ebb9dcc6f",
                "format": "application/pdf"
            }
        ]
    },
    "parties": [
        {
            "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/CBxa343K",
            "name": "Government Actuary Department",
            "identifier": {
                "legalName": "Government Actuary Department",
                "scheme": "GB-SRS",
                "id": "sid4gov.cabinetoffice.gov.uk/CBxa343K"
            },
            "address": {
                "streetAddress": "6th floor, 10 South Colonnade, Canary Wharf",
                "locality": "LONDON",
                "postalCode": "E14 4PU",
                "countryName": "England"
            },
            "contactPoint": {
                "name": "GAD Procurement",
                "email": "procurement@gad.gov.uk"
            },
            "roles": [
                "buyer"
            ]
        }
    ],
    "buyer": {
        "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/CBxa343K",
        "name": "Government Actuary Department"
    }
}