Planning

Actuarial Services in Relation to Pensions

BANK OF ENGLAND

This public procurement record has 1 release in its history.

Planning

21 Jan 2026 at 15:51

UK2 - Preliminary Market Engagement Notice
Summary of the contracting process

The Bank of England is in the planning stage of a procurement process for actuarial services related to pensions, with an anticipated start date for the contract in January 2027. The buying organisation, located in London, is seeking to engage potential suppliers through a soft market testing exercise. Businesses can participate in an online supplier engagement session scheduled for 3 February 2026, with registration required by 30 January 2026. The tender falls under the services category in the public sector, particularly focusing on pension fund management and consultancy in the UK region.

This procurement opportunity from the Bank of England presents significant business growth prospects for companies specialising in actuarial and pension fund consultancy services. It is particularly suitable for firms with experience in providing triennial valuations, interim valuations, and collaborating with pension fund trustees. By engaging in this process, businesses can potentially secure a long-term contract that involves a substantial scope of work, thereby expanding their portfolio and credentials in the financial services industry. There is no formal competition at this planning stage, which allows firms to influence the service model and specification without immediate competitive bidding pressure.

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Notice Information

Notice Title

Actuarial Services in Relation to Pensions

Notice Description

THIS IS NOT A CALL FOR COMPETITION The Bank of England is considering commissioning an Actuarial Service. It is anticipated, dependent upon an engagement exercise, that tenders for this service would be issued in February 2026, to enable a new contract to begin from January 2027. As part of the tender process, the Bank is undertaking a soft market test. This gives potential providers and other stakeholders the opportunity to express their interests and feed in their views about the potential service model and specification principles. The Bank will use the information to appraise options and further develop the specification. Suppliers are further invited to attend an online supplier engagement session on 3 February 2026 at 11am. Interested parties are to register their interest at Corporate.Contracts@bankofengland.co.uk by 30 January 2026 with a subject line: Actuarial Service In Relation To Pensions (PME) . This process does not constitute a formal tender or other competitive bidding process and will not result in the letting of a Contract. The Bank is using this process solely to test the market to gather information and ascertain the level of interest in this particular service. There are therefore no formal criteria which we will use to judge your responses, and it is not our intention to provide any feedback. About the service Actuarial Services to be provided to the Bank of England on its Year End Accounts calculations and disclosures, pension costs forecasting for budgetary purposes, ad-hoc analysis and Private Medical Insurance costing and advice. The supplier will be required to provide Triennial valuations, annual interim valuations. They will be required to support the Bank in its interactions with the Pension Fund Trustees and their actuarial advisers through the valuation process and the approach to future fund contributions. Interested suppliers are requested to register for free on the Bank's e-procurement portal Proactis: https://supplierlive.proactisp2p.com/Account/Login Upon registration, the Request For Information Questionnaire can be found under the following project: RFX REQ/1000376 - Actuarial Service In Relation To Pensions (PME). Please note that the contract value included in this Notice 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.

Planning Information

A Soft Market Test questionnaire will be issued and the response window closes 30 January 2026 at 12 noon. Suppliers are further invited to attend an online supplier engagement session on 3 February 2026 at 11am. Interested parties are to register their interest at Corporate.Contracts@bankofengland.co.uk by 12 noon 30 January 2026.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-060b79
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/005441-2026
Current Stage
Planning
All Stages
Planning

Procurement Classification

Notice Type
UK2 - Preliminary Market Engagement Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
Not specified
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

66523000 - Pension fund consultancy services

Notice Value(s)

Tender Value
£1,833,333 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
21 Jan 20261 months ago
Submission Deadline
Not specified
Future Notice Date
30 Jan 2026Expired
Award Date
Not specified
Contract Period
25 Jan 2027 - 24 Jan 2032 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Planning
Lots Status
Planning
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
Contact Name
Not specified
Contact Email
corporate.contracts@bankofengland.co.uk
Contact Phone
Not specified

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. 

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