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Pension Support Services

The Board of Trustees of the Highlands and Islands Enterprise Superannuation Scheme

This public procurement record has 2 releases in its history.

Award

21 Apr 2023 at 01:00

OJEU - F3 - Contract Award Notice
Tender

02 Dec 2022 at 00:00

OJEU - F2 - Contract Notice
Summary of the contracting process

The Board of Trustees of the Highlands and Islands Enterprise Superannuation Scheme has concluded the procurement process for Pension Support Services. The buying organisation is a Body governed by public law and is located in Inverness, UK. The tender was issued under an open procedure and has reached the award stage, with a contract awarded to Spence & Partners Limited. The contract is active following a signed agreement on 20th April 2023, with a total value of GBP 952,000.

This contract for Pension Support Services presents an opportunity for businesses providing Administration, Investment, Actuarial, and GMP equalisation services. The procurement process aimed at SMEs in the services category offers a potential revenue stream. Businesses should note the contract duration of up to 54 months, inclusive of possible extensions, starting from 1st May 2023. The main procurement criteria include quality and price, with a focus on meeting Prompt Payment Standard Clause. Businesses interested in bidding should ensure compliance with the specified insurance levels and submit their proposals through the designated electronic submission method by the deadline on 24th January 2023.

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Notice Information

Notice Title

Pension Support Services

Notice Description

This is a Contract Award Notice and as such the procurement process is complete. The Board of Trustees (the Trustees) of the Highlands and Islands Enterprise Superannuation Scheme (TBTHSS) are inviting bids for pension support services including Administration; Investment and Actuarial and also Guaranteed Minimum Pension (GMP) equalisation exercise. It is expected that these services will be required from 1 May 2023 for an initial period of 3 years with the Trustees having the option to extend for a period or periods together not exceeding 1 calendar year following the Initial Term. Should the supplier be unsuccessful at the re-tender, the administration services element of the contract will be extended by up to 6 months - the maximum contract length is stated as 54 months to reflect this. The maximum initial 3-year budget currently available to deliver the core elements of the service is GBP 650,000 and the maximum budget for the GMP equalisation exercise was GBP 100,000 (both excluding VAT - see Scope of Requirements and Tender Guidance for full details).

Lot Information

Lot 1

The key tasks cover: -Administration - general; scheme accounting; pensioner payroll; governance / scheme secretarial support -Actuarial consultancy -Investment consultancy -Guaranteed Minimum Pension age equalisation exercise The contract starts on 1 May 2023 and is let for 3 years until 30 April 2026, with the Trustees having the option to extend by a period or periods up to 12 months.. Economic operators may be excluded from this competition if they are in any of the situations referred to in Regulation 58 of the Public Contracts (Scotland) Regulations 2015.

Options: The Trustees reserves the right, on giving reasonable written notice from time to time, to require changes to the Services (whether by way of the removal of Services, the addition of new Services, or increasing or decreasing the Services or specifying the order in which the Services are to be performed or the locations where the Services are to be provided). The Trustees shall not require any such change other than where it is permitted by Regulation 72 of the Public Contracts (Scotland) Regulations 2015. In accordance with Regulation 72(1)(a) of the Public Contracts (Scotland) Regulations 2015, Trustees reserves the right to make changes to the volume, scope or location of the Services to be supplied under the Framework following a review of the Services by Trustees, particularly with regard to: - Non-core activities: the Trustees will provide a set of requirements and request a price as well as delivery methodology. If accepted, these services will be charged in addition to the supplier's fixed fees. - Changes in the pensions regulations require additional services or removal of services. - The supplier is unsuccessful at the re-tender - the admin element of the contract will have to carry on for up to 6 months, allowing the incoming supplier to accommodate the handover

Renewal: The Contract will be awarded for an initial period of 3 years with the Trustees having the option to extend for a period or periods together not exceeding 1 calendar year following the Initial Term. Should the supplier be unsuccessful at the re-tender, the admin element of the contract will continue for an additional up to 6 months period.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-r6ebe6-0000711838
Publication Source
Public Contracts Scotland
Latest Notice
https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=APR476817
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
OJEU - F3 - Contract Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66131100 - Pension investment services

66141000 - Pension fund management services

66520000 - Pension services

66522000 - Group pension services

66523000 - Pension fund consultancy services

66523100 - Pension fund administration services

Notice Value(s)

Tender Value
£966,666 £500K-£1M
Lots Value
£966,666 £500K-£1M
Awards Value
Not specified
Contracts Value
£952,000 £500K-£1M

Notice Dates

Publication Date
21 Apr 20233 years ago
Submission Deadline
24 Jan 2023Expired
Future Notice Date
Not specified
Award Date
20 Apr 20233 years ago
Contract Period
Not specified - Not specified
Recurrence
The Trustees reserve the right to re-tender for these services upon termination of the contract or at the end of the contract period, including any extension period.

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Not Specified
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
The Board of Trustees of the Highlands and Islands Enterprise Superannuation Scheme
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
INVERNESS
Postcode
IV2 5NA
Postcode Area
Inverness
Country
Scotland
Major Region (ITL 1)
TLM Scotland
Basic Region (ITL 2)
TLM2 Highlands and Islands
Small Region (ITL 3)
TLM20 Highlands and Islands
Delivery Location
Not specified
Local Authority
Highland
Electoral Ward
Inverness South
Westminster Constituency
Inverness, Skye and West Ross-shire

Supplier Information

Number of Suppliers
1
Supplier Name

Spence & Partners Limited

Further Information

Notice Documents

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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