---
title: "Research Services : Research on UK Defined Contribution Pension Scheme Default Investment Strategies"
ocid: "ocds-b5fd17-756bf5d6-6718-4ef8-bf5e-4b16d12112ce"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-756bf5d6-6718-4ef8-bf5e-4b16d12112ce"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-756bf5d6-6718-4ef8-bf5e-4b16d12112ce.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-756bf5d6-6718-4ef8-bf5e-4b16d12112ce.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2024-04-16"
---

# Research Services : Research on UK Defined Contribution Pension Scheme Default Investment Strategies

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-756bf5d6-6718-4ef8-bf5e-4b16d12112ce

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## Summary

The Financial Reporting Council has awarded a contract for research services on UK Defined Contribution Pension Scheme Default Investment Strategies. The contract was awarded to IFF Research Limited. The project involves data collection and analysis to understand default investment strategies used by UK pension schemes, supporting the FRC in setting appropriate actuarial standards. The contract has a total value of £54,000 and a contract period starting on 8th April 2024 and ending on 30th August 2024.

This tender presents opportunities for businesses in the research and development services category. Companies with expertise in pension scheme analysis and actuarial consulting are well-suited to compete. The Financial Reporting Council aims to promote transparency and integrity in business through this research, which focuses on improving UK DC pension schemes' default investment strategies. Small and medium-sized enterprises are encouraged to engage in this procurement opportunity.

## Notice

***THIS IS CONTRACT AWARD NOTICE*** The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. The FRC sets and regularly reviews Actuarial Standard Technical Memorandum 1: Statutory Money Purchase Illustrations ("AS TM1"). AS TM1 specifies the assumptions and methods to be used in the calculation of statutory illustrations of retirement income from 'money purchase' pensions, also known as 'defined contribution' (DC) pensions. AS TM1 requires these illustrations to use assumptions that differ depending on the volatility of the funds in which the DC pension is invested. For a UK Defined Contribution ('DC') pension scheme the selection of the default investment strategy that is offered to scheme members is one of the most important decisions for pension scheme decision-makers. This is because many/most scheme members will follow the default strategy, particularly individuals without the financial knowledge and/or confidence to make an active choice. UK DC schemes typically use a form of 'lifestyle' strategy for the default fund, whereby the investment strategy for an individual changes over time depending on how far away they are from retirement age. We understand there are a wide range of different types of 'lifestyle' strategy used by UK pension funds. We have commissioned this research in order to better understand the strategies used, to inform our policy-making activities in relation to the assumptions and methods as set out in AS TM1. This research project is separate from the current review of the accumulation rate assumptions in AS TM1 v5.0 which was consulted on in November 2023; rather it is intended to inform and support the FRC's longer term strategy and decision-making in relation to AS TM1. This research project will involve data collection and analysis to provide information on the default investment strategies currently offered by UK DC pension schemes, noting that common practice for default DC investment strategies has evolved, particularly since 'pension freedoms' were introduced in 2015. This data and analysis will support the FRC in setting actuarial standards that are appropriate for the current environment of UK DC pension schemes. * The project's core objective is to understand the nature of the various default investment strategies provided to UK scheme members and provide the FRC with statistically significant data on this. * As a second objective, we are also seeking an understanding of why those strategies are provided to scheme members. The FRC does not anticipate bids exceeding PS54,000 incl. VAT. ***THIS IS CONTRACT AWARD NOTICE - THIS TENDER OPPORTUNITY IS CLOSED*** Additional information: ***THIS IS CONTRACT AWARD NOTICE***

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/46ed72be-0aec-41ff-8cf3-c08a882d8796 |
| Notice type | Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure (below threshold) |
| Tender suitability | SME |
| Awardee scale | SME |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 16 Apr 2024 |
| Submission deadline | 26 Feb 2024 |
| Future notice date | Not specified |
| Award date | 28 Mar 2024 |
| Contract period | 7 Apr 2024 - 30 Aug 2024 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £54,000 |
| Lots value | Not specified |
| Awards value | £42,770 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | THE FINANCIAL REPORTING COUNCIL LIMITED |
| Locality | LONDON |
| Post town | Central London |
| Postcode | EC2Y 5AS |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | City of London |
| Electoral ward | Bassishaw |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | IFF RESEARCH |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73000000 - Research and development services and related consultancy services

## Release History

- 16 Apr 2024 at 10:01 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/46ed72be-0aec-41ff-8cf3-c08a882d8796

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/46ed72be-0aec-41ff-8cf3-c08a882d8796
  16th April 2024 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/02e8a346-7610-4018-8503-754975a1fab2
  Invitation to Tender (ITT), including Appendix (UK DC Schemes Information)
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/e18e2a2d-cb22-4275-86ab-7e8290454c72
  Tender Response document (template)

## Notice URLs

- https://www.frc.org.uk

## Provenance

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