Pension services in Bristol – Framework Lead

The current contract for Pension services in Bristol is projected to end on 18/3/2018 and may be available for re-tender.The current contract for Pension services in Bristol included Framework agreement with a number of operators, 3 separate Lots and with multiple suppliers for each lot.This framework will be divided into three separate lots:— lot no 1 will be the provision of Actuarial Services,— lot no 2 will be the provision of Benefits Services,— lot no 3 will be the provision of Investment Services.Suppliers may bid for all the lots or any combination of the lots.If awarded to several suppliers, number of participants to the frameworkagreement envisaged:It is expected that a maximum of 3 suppliers will be appointed for lot 1,a maximum of 5 suppliers for lot 2 and a maximum of 5 suppliers for lot 3.Duration of the framework agreement:Duration in year(s): 7.Justification for a framework agreement the duration of which exceeds fouryears and multiple suppliers:The Local Government Pension Scheme (LGPS) regulations require an actuarial valuation of their LGPS Pension Fund assets and liabilities every 3 years. The Environment Agency and South West Region LGPS Administering Authorities and Employing Bodies (see below) carried out their last triennial valuations at 31.3.2010. The proposed 7 year duration of the Framework Agreement seeks to ensure that the Environment Agency and South West Region LGPS Administering Authorities and Employing Bodies could utilise the services for 2 cyclical actuarial valuations (and the related investment strategy reviews), which are typically only completed between 12 to 15 months after the valuation date. Pension funds are all about long term strategy. Continuity of professional advice is vital to the effective and efficient management of pension funds. It is also bestpractice that the different actuarial service providers are used by LGPS administering authorities and employing authorities as they have different fiduciary responsibilities.There is an increasing amount of collaborative working amongst theScottish and Welsh LGPS Pension Schemes. Some of the London Boroughs have similar framework agreements in place. The UK Government Hutton review is also looking to identify ways that public sector pension schemes can savemoney and to recommend changes to the existing structure.The proposed Framework Agreement provides a foundation to build for sharedarrangements and collaborative working for the Environment Agency andSouth West Region LGPS Administering Authorities and Employing Bodies.Due to the major fiscal constraints on public sector bodies and Governmentdirectives to become more efficient in the management of all public sectoractivities (including the LGPS), there is a need to work more closely andshare services with other bodies and Funds.The Environment Agency as Contracting Authority is putting in place aframework agreement for the supply of Actuarial, Benefits and InvestmentServices, for use by:(a) the Environment Agency as (i) an administering authority for its twoLocal Government Pension Scheme (LGPS) pension funds and (ii) as an LGPSemploying authority; and(b) South West Region Local Authorities as (i) Administering Authorities,(ii) LGPS Employers and (iii) LGPS employing bodies in each LGPS pensionfund (where applicable) (which includes Bath and North East Somerset,Cornwall, Dorset, Gloucester, Somerset and Wiltshire Councils).The (proposed) framework may be used by any of the public bodies set outin (a) and (b) above, but no guarantee is given that any of them willprocure services from the framework agreement. The framework will beavailable to successor bodies of the South West Region Local GovernmentPension Scheme Administering Authorities and Employing Bodies.The framework agreement will be for the provision of Actuarial services(lot 1), Benefits Services (lot 2) and Investment services (Lot 3).See information about lots for more details about the services requiredfor lots 1, 2 and 3.