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Services Management

BANK OF ENGLAND

This public procurement record has 3 releases in its history.

AwardUpdate

27 Jan 2026 at 14:02

Award Notice
Award

21 Mar 2024 at 14:02

Award Notice
Tender

30 Aug 2022 at 09:14

Tender Notice
Summary of the contracting process

The Bank of England has concluded a procurement process titled "Services Management" under the industry category of Benefit Services, classified with CPV code 75310000. The procurement, which operates under the legal framework CELEX 32014L0024, was initiated as a tender process focusing on the location of the United Kingdom. The plan was executed using a restricted procedure, a form of selective procurement method. The contract, signed on 30th May 2023, is active until 9th April 2031, with an overall value of £1,493,624, including an upgrade cost of £293,624 over the last four years. Initially valued at £1,200,000, the contract extension was necessary to integrate existing systems and upgrade the proprietary modules held by the supplier, Benifex Limited, operating from Hampshire, UK. The project was coordinated by the Bank of England, an entity managed under public law in London.

This procurement presents expansive business growth opportunities, primarily for large-scale companies with expertise in benefit services and integrated systems. The long-term contract offers stability and the potential for ongoing collaboration with a prestigious public institution like the Bank of England. Companies providing online employee benefit management and brokerage services are well-positioned to thrive under such contracts, given the demand for innovative and user-friendly solutions. The UK-based focus enables local businesses to leverage their proximity and understanding of regional business mechanisms while the restricted procedure of the tender emphasizes excellent quality in service provision supplemented with competitive pricing criteria, with the weightage set at 80% for quality and 20% for price.

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Notice Information

Notice Title

Services Management

Notice Description

The Bank of England has appointed an administrator to support a variety of services.

Lot Information

Lot 1

The Bank of England has appointed an administrator to support a variety of services.

Options: 2 successive periods of 2 years.

Renewal: The 8 year contract period is being awarded on an initial 4 year basis with options to extend for up to an additional 2 years on a 2+2 basis. During the 4-8 year contracting period re-tender activity is likely to take place in order to remain compliant under the PCR 2015.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-0363df
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/007127-2026
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

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

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

75 - Administration, defence and social security services

CPV Codes

66518000 - Insurance brokerage and agency services

66518100 - Insurance brokerage services

75310000 - Benefit services

Notice Value(s)

Tender Value
£1,200,000 £1M-£10M
Lots Value
£1,200,000 £1M-£10M
Awards Value
Not specified
Contracts Value
£2,693,624 £1M-£10M

Notice Dates

Publication Date
27 Jan 20267 months ago
Submission Deadline
4 Oct 2022Expired
Future Notice Date
Not specified
Award Date
30 May 20233 years ago
Contract Period
Not specified - Not specified
Recurrence
This procurement is a re-tender of an existing Bank of England contract.

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
Additional Buyers

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
Postcode Area
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

Supplier Information

Number of Suppliers
3
Supplier Names

Benefex Limited

Benifex Limited

Benifex Limited (Previously Benefex Limited)

Further Information

Open Contracting Data Standard (OCDS)

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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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