Section one: Contracting authority
one.1) Name and addresses
Bank of England
London
EC2R 8AH
Contact
Chloe Ludlow-Gomm
chloe.ludlow-gomm@bankofengland.co.uk
Country
United Kingdom
Region code
UK - United Kingdom
Internet address(es)
Main address
https://www.bankofengland.co.uk/
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://supplierlive.proactisp2p.com/Account/Login
Additional information can be obtained from the above-mentioned address
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Actuarial Consultancy Services in relation to Pensions
Reference number
REQ/1000127
two.1.2) Main CPV code
- 66520000 - Pension services
two.1.3) Type of contract
Services
two.1.4) Short description
The Bank is looking to conduct an open tender procedure in 2023 for the re-tender of its Actuarial Consultancy Services contract and is planning to tender for a 5-year contract (with an option to extend for up to an additional 5 years).
The services to be provided will include performing the Bank's annual IAS19 valuations together with the associated disclosures for the Bank’s annual report and accounts, advising the Bank in its discussions with the Pension Fund Trustees and their actuarial advisers during the triennial valuation for the Fund and during all other significant engagements with the Trustees and providing other general advice to the Bank on Pension related matters as required.
The services will also include providing the cost for each of the Bank's CARE pension accrual rates, the flex rates and the opt out rates based on the Pension Fund's investment strategy.
two.1.5) Estimated total value
Value excluding VAT: £3,000,000
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.2) Additional CPV code(s)
- 66141000 - Pension fund management services
- 66523000 - Pension fund consultancy services
- 66519600 - Actuarial services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
This PIN is intended to obtain expressions of interest from market suppliers in relation to the described services. The Bank would like to invite interested suppliers to respond to a market sounding questionnaire to assess suppliers’ capability, capacity and appetite to deliver the services required by the Bank.
In order to register your interest for this opportunity, and participate in the market sounding questionnaire exercise, please access the relevant materials via the Bank’s eTendering portal (Proactis):
https://supplierlive.proactisp2p.com/Account/Login
Please note that the contract value included in this PIN 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.
two.2.6) Estimated value
Value excluding VAT: £3,000,000
two.3) Estimated date of publication of contract notice
23 February 2023
Section four. Procedure
four.1) Description
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: No