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Multi-lot, multi-provider framework agreement for the provision of Investment Management Consultancy Services primarily in support of the Local Government Pension Scheme (LGPS).

Norfolk County Council

This public procurement record has 7 releases in its history.

TenderUpdate

07 Aug 2026 at 10:14

Tender Notice
AwardUpdate

03 Aug 2026 at 09:34

Award Notice
Award

29 Apr 2026 at 15:00

Award Notice
Award

24 Oct 2022 at 08:05

Award Notice
Tender

26 Jul 2022 at 16:59

Tender Notice
TenderUpdate

11 Apr 2022 at 12:00

Tender Notice
Planning

30 Mar 2022 at 14:49

Planning Notice
Summary of the contracting process

Norfolk County Council, acting with other administering authorities for local government pension funds, established a multi-provider framework for investment management consultancy services supporting the Local Government Pension Scheme (LGPS). The work is UK-wide and covers four service areas: general investment consultancy; searching for, selecting, monitoring and reviewing investment managers and funds; specialist investment-management advice; and investment-management cost monitoring and reporting. Specialist work includes advice on pooling arrangements, regulatory compliance, operating models, investment risk, portfolio reviews, ESG and stewardship, transition management, performance measurement, climate scenarios, custody and back-office services, and pension-plan strategy. Cost services cover data collection, benchmarking, historical records, annual reporting and attendance at client meetings. The buying authorities include Norfolk, Hampshire, North Yorkshire, Tameside, West Sussex, Wirral and NILGOSC.

This is a completed restricted-procedure procurement using a multi-provider framework, with awards made on 30 August 2022 and contracts signed on 19 October 2022. The framework was extended by 12 months and now expires on 31 October 2027. The stated framework expectation is up to £25,000,000, although this is not guaranteed and does not represent a fixed volume of business. Four lots were evaluated separately. Lot 1 used 50% price and 50% quality, including previous experience, business continuity, legislation, problem solving, deadlines, information checking, samples, climate change and subcontracting. Lots 2, 3 and 4 used 80% quality and 20% price. Lot 1’s extended contract has a stated value of £25,000,000. Providers awarded across the lots include Aon, Barnett Waddingham, Bfinance, Hymans Robertson, Isio, Mercer, Redington, MJ Hudson Investment Advisers and CEM Benchmarking.

This requirement is relevant to established pension and investment consultancy firms able to support public-sector LGPS funds across a broad advisory portfolio. Credible competitors would need demonstrable previous experience, robust business-continuity arrangements and the ability to meet deadlines while handling and checking complex investment information. The framework rewards quality heavily on three lots, so capability matters beyond price. Relevant expertise includes manager and fund research, selection and monitoring; portfolio risk, cost and performance analysis; regulatory and FCA advice; investment pooling; ESG, stewardship and climate-risk reporting; transition and restructuring work; operational, custody and back-office support; and pension strategy, modelling and economic scenario analysis. Providers should also be able to supply benchmarking, training, meeting attendance, specialist reports and scalable support to several administering authorities.

How relevant is this notice?

Notice Information

Notice Title

Multi-lot, multi-provider framework agreement for the provision of Investment Management Consultancy Services primarily in support of the Local Government Pension Scheme (LGPS).

Notice Description

The authorities listed in this notice have let a multi-lot, multi-provider framework agreement for the provision of Investment Management Consultancy Services primarily in support of the Local Government Pension Scheme (LGPS).

Lot Information

Investment Consultancy Services

The authorities listed in this notice have let a multi-lot, multi-provider framework agreement for the provision of Investment Management Consultancy Services primarily in support of the Local Government Pension Scheme (LGPS).

Manager/Fund Search, Selection, Monitoring and Review Services

To provide a wide range of advisory services in relation to the appointment of investment management support services, including, but not limited to: * Providing market-wide advice on the range of managers/funds with the capability to undertake specific portfolio management and other ancillary services; * supporting clients with investment manager or other investment related services; * undertaking investment manager or other investment-related services, assessment and selection on behalf of clients; * supporting clients in the procurement of, and fee level and structure negotiations with, service providers; * undertaking investment manager performance monitoring and review on behalf of clients; * providing access to manager research; * providing views and ongoing monitoring of investment managers' capabilities from an environmental, social and governance perspective; * provision of support, training and attendance at meetings as required by clients; * individual Portfolio reviews - including performance objectives, risk and cost.

Investment Managements Consultancy Related Specialist Services

To undertake a wide range of discrete pieces of specialist, investment-related work, including, but not limited to: * matters in connection with LGPS Investment Pooling Arrangements; * FCA authorisation and Variation of Permissions; * regulatory compliance advice and review services; * regulatory change advice and implementation services; * development and integration of investment management operating models changes or enhancements; * development, review and implementation of investment risk management strategy; * delivery / implementation of IT infrastructure investment solutions; * reviews of fund policy statements (ISS/SIP, RI statements etc.); * individual Portfolio reviews - including performance objectives, risk and cost and ESG matters; * investment research, modelling and analytics; * advising on RI and stewardship policies, styles and tools across any or all asset classes and the implementation of RI and stewardship strategies; * review and selection of Additional Voluntary Contributions providers and associated funds; * support of processes and compliance with regulatory requirements pertaining to its operation as an authorised entity; * undertaking or supporting custody/administrator /back-office investment management; * infrastructure search and review, assessment and selection on behalf of clients; * assist with the appointment of a Transition Manager and the post and pre trade reporting and analysis; * enhanced, independent manager analysis, monitoring and review services; * advice on ESG risk including modelling and reporting; * support with reporting as required under TCFD (Task Force on Climate-related Financial Disclosures); * providing transition advice in relation to the switching or movement of assets and/or the restructuring of portfolios; * advice on Performance Measurement and Attribution solutions and services; * advice on Climate scenario analysis and impact on portfolio; * provision of Consultancy services for strategic policy advice and modelling a pension plan's assets, liabilities, and policy instruments; * provision of Economic Scenario Analysis.

Investment Management Cost Monitoring and Reporting

To provide: * The on-going collation of client investment management cost data from all relevant sources (including but not limited to the client, their custodian and their asset managers as required) at a level of detail consistent with best practice on investment management cost transparency (e.g. guidance as issued from time to time by CIPFA, the LGPS Scheme Advisory Board, the IMA and other leading industry bodies); * the analysis of such data to provide year-on-year comparable investment management cost data, benchmarked across the LGPS and other relevant UK and global comparators; * annual reporting of investment management cost outcomes to the client; * the maintenance of all historical client data; * attendance at meetings as required by clients.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-032818
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/075137-2026
Current Stage
Award
All Stages
Planning, Tender, Award

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Restricted procedure
Tender Suitability
Not specified
Awardee Scale
Large, SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66523000 - Pension fund consultancy services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£27,281,020 £10M-£100M

Notice Dates

Publication Date
7 Aug 20262 months ago
Submission Deadline
30 Aug 2022Expired
Future Notice Date
4 Jul 2022Expired
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Norfolk County Council
Additional Buyers

Hampshire County Council (as Administering Authority for the Hampshire Pension Fund)

Hampshire County Council (as Administering Authority of the Hampshire Pension Fund)

Norfolk County Council (As Administering Authority for Norfolk Pension Fund)

Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC)

Tameside Metropolitan Borough Council (as Administering Authority of the Greater Manchester Pension Fund)

The North Yorkshire Council

West Sussex County Council (As administering authority of the West Sussex Pension Fund)

West Sussex County Council (as Administering Authority to the West Sussex Pension Fund)

Wirral Council (As Administering Authority for Merseyside Pension 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
NORWICH
Postcode
NR1 2DH
Postcode Area
Norwich
Country
England
Major Region (ITL 1)
TLH East (England)
Basic Region (ITL 2)
TLH5 Norfolk
Small Region (ITL 3)
TLH51 Norwich and East Norfolk
Delivery Location
Not specified
Local Authority
Norwich
Electoral Ward
Lakenham
Westminster Constituency
Norwich South

Supplier Information

Number of Suppliers
10
Supplier Names

AON Investments Limited

Barnett Waddingham LLP

bFinance UK Limited

Hymans Robertson LLP

Isio

Mercer Limited

Redington Limited

MJ Hudson Investment Advisers Ltd

CEM Benchmarking

Paragon Customer Communications (London) Ltd

Further Information

Open Contracting Data Standard (OCDS)

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