Award

Economic Scenario Model (ESM)

PENSION PROTECTION FUND

This public procurement record has 3 releases in its history.

AwardUpdate

21 May 2024 at 15:48

Award Notice
Award

10 Mar 2022 at 09:29

Award Notice
Tender

14 Apr 2021 at 10:42

Tender Notice
Summary of the contracting process

The Pension Protection Fund (PPF) has awarded a contract for an Economic Scenario Model (ESM) to Ortec Finance Ltd. The contract, valued at £1,534,253, involves the procurement of a licence and associated services for a 60-month initial duration, extendable up to 96 months. The ESM will be used for assumption-generation and calibration of investment strategies, liabilities projection, and risk assessment. The procurement method was an open procedure, and the contract period spans from 2022 to 2027, with potential for further development and enhancements throughout the contract term.

This tender for the Economic Scenario Model presents opportunities for businesses in the software package and information systems industry to engage with the Pension Protection Fund. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprise (VCSE) organisations are particularly encouraged to participate. Businesses well-versed in providing IT solutions for financial modelling, asset management, and pension scheme analysis would be well-suited to compete. The PPF's evolving business needs and future requirements indicate potential for further collaborations and service enhancements throughout the contract period, creating avenues for business growth and innovation.

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Notice Information

Notice Title

Economic Scenario Model (ESM)

Notice Description

Update 21.05.24 - Section 1 contract value (ex VAT) updated in line with the now known expected spend on additional modules. The scope for additional modules and subsequent spend were included within the Invitation to Tender and Award Notices. The PPF procured a licence and associated services for an Economic Scenario Model (ESM) for use in assumption-generation for a range of medium and long-term modelling. The solution provides a real-world calibration of an appropriate timeframe, including outputs for a sufficiently broad range of asset classes given the investment strategy of the PPF and the pension schemes it protects. The outputs also facilitate the projection of the liabilities of the PPF and those of the pension schemes it protects. The contract awarded is for an initial duration of 60 months, with options to extend for up to three further 12 month terms. If the extensions are all exercised the total contract duration will be 96 months. If all extensions are executed the total final value is estimated to be PS1,115,410.02 + VAT. The PPF is a continuously developing business within a changing market and it is envisaged that there will be a future requirement for further components, modules or packages within the economic scenario model solution, including bespoke developments within the system which are reserved for the PPF's use only. It is fully envisaged that these components and modules will be developed over the life of the contract not only to reflect changes in the market, but also the PPF's strategy, including, but not limited to, changes in approach to the amount of business retained or brought in-house, the nature and size of the PPF's assets and liabilities and the PPF's approach to risk and return. This may require additional components and modules not currently listed, or development of the services themselves or existing services provided to the PPF which support or are supported by these services. It is further envisaged that additional software, including licences, may need to be developed to enhance the services, to increase efficiency and streamline the services, to increase the availability of the services in line with changes in the market, anticipated changes to the PPF's strategy over the life of the contract and changes in the nature and size of the PPF's assets and liabilities or to develop other services that support or are supported by these services. These additional services, systems, software and licences may result in price revision of the original contract and/or may significantly increase the fees paid in relation to these services over the life of the contract. The PPF makes no guarantee as to the nature and extent of such additional services, systems, software or licences. Note that the contract value stated above is the estimated value of the contract assuming all extension options are taken but does not include the cost of all potential additional services, systems, software and licences.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-f948e66f-6525-412b-8bda-856f6410a64d
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/b4bc6c06-70d6-4020-8a23-db590297c3db
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Goods
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
SME, VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

CPV Codes

48000000 - Software package and information systems

Notice Value(s)

Tender Value
£1,534,253 £1M-£10M
Lots Value
Not specified
Awards Value
£1,534,253 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
21 May 20241 years ago
Submission Deadline
14 May 2021Expired
Future Notice Date
Not specified
Award Date
26 Aug 20214 years ago
Contract Period
31 Jan 2022 - 30 Jan 2027 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
1
Supplier Name

ORTEC FINANCE

Further Information

Notice Documents

Notice URLs

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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