- 1. Norfolk County Council (as Administering Authority for Norfolk Pension Fund)
- 2. Hampshire County Council (as Administering Authority of the Hampshire Pension Fund)
- 3. Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC)
- 4. Tameside Metropolitan Borough Council (as Administering Authority of the Greater Manchester Pension Fund)
- 5. West Sussex County Council (as Administering Authority of the West Sussex Pension Fund)
- 6. Wirral Council (as Administering Authority for Merseyside Pension Fund)
Section one: Contracting authority
one.1) Name and addresses
Norfolk County Council (as Administering Authority for Norfolk Pension Fund)
Martineau Lane
NORWICH
NR12DH
Contact
Julie Ward
Telephone
+44 1603224320
Country
United Kingdom
NUTS code
UKH15 - Norwich and East Norfolk
Internet address(es)
Main address
Buyer's address
https://in-tendhost.co.uk/norfolkcc/aspx/Home
one.1) Name and addresses
Hampshire County Council (as Administering Authority of the Hampshire Pension Fund)
Winchester
Country
United Kingdom
NUTS code
UKJ3 - Hampshire and Isle of Wight
Internet address(es)
Main address
https://www.hants.gov.uk/hampshire-services/pensions
one.1) Name and addresses
Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC)
Belfast
Country
United Kingdom
NUTS code
UKN06 - Belfast
Internet address(es)
Main address
one.1) Name and addresses
Tameside Metropolitan Borough Council (as Administering Authority of the Greater Manchester Pension Fund)
Droylsden
Country
United Kingdom
NUTS code
UKD3 - Greater Manchester
Internet address(es)
Main address
one.1) Name and addresses
West Sussex County Council (as Administering Authority of the West Sussex Pension Fund)
Chichester
Country
United Kingdom
NUTS code
UKJ27 - West Sussex (South West)
Internet address(es)
Main address
one.1) Name and addresses
Wirral Council (as Administering Authority for Merseyside Pension Fund)
Liverpool
Country
United Kingdom
NUTS code
UKD72 - Liverpool
Internet address(es)
Main address
one.2) Information about joint procurement
The contract involves joint procurement
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://in-tendhost.co.uk/norfolkcc/aspx/Home
Additional information can be obtained from the above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://in-tendhost.co.uk/norfolkcc/aspx/Home
one.4) Type of the contracting authority
Regional or local authority
one.5) Main activity
General public services
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Multi-lot, multi-provider framework agreement for the provision of Investment Management Consultancy Services primarily in support of the Local Government Pension Scheme (LGPS).
Reference number
NCCT42289
two.1.2) Main CPV code
- 66520000 - Pension services
two.1.3) Type of contract
Services
two.1.4) Short description
The Founder Authorities named above wish to establish a multi-provider framework agreement for the provision of Investment Management Consultancy Services to be available to all LGPS Funds and other bodies as defined in the Find a Tender Contract Notice, to provide national access to high quality efficient and effective services at the best possible price.
two.1.6) Information about lots
This contract is divided into lots: Yes
Tenders may be submitted for all lots
two.2) Description
two.2.1) Title
Investment Consultancy Services
Lot No
1
two.2.2) Additional CPV code(s)
- 66523000 - Pension fund consultancy services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To provide a wide range of advisory services in relation to investment management support services, including, but not limited to:
• Review of investment strategy including but not limited to:
o strategic and tactical asset allocation to include a full range of asset classes including alternative investments and emerging products and services;
o investment beliefs;
o the use of overlays;
o risk appetite and budgeting;
o setting appropriate performance targets and benchmarks;
o access to research and technical information provision e.g. technical information underpinning ALM model;
• working with the Fund Actuary to undertake asset liability modelling as required;
• working with the Fund Actuary on an on-going basis in respect of the integrated management of fund assets and liabilities;
• advising on the Investment Strategy Statement/Statement of Investment Principles (NI/Scotland) and other statutory policy or reporting requirements including monitoring, reporting and assessment of investment management service providers;
• provision of Quarterly Performance Monitoring and Reporting as required;
• advice on the implementation of Investment Strategy Statement/Statement of Investment Principles (NI/Scotland);
• advising on and/or preparation of the Pension Fund Annual Report and other statutory reporting requirements;
• advising the Fund on all policies and guidance with regards to Responsible Investment and Stewardship policies which set how Social, Environmental and corporate governance considerations are taken into account in the selection, non-selection, retention and realisation of investments on the exercise of the rights (including voting rights attached to investments);
• where appropriate to take into consideration wider ESG issues when relevant to the advice being provided;
• advising on the investment market and solutions (at a strategic and fund investment strategy level) based upon the application of current market intelligence (or advising on investment markets and the outlook for different asset classes);
• attend meetings and provide training to members of the pensions committee, local pension boards, officers etc. in support of maintaining high standards of investment governance;
• review and selection of Additional Voluntary Contributions providers;
• matters in connection with LGPS asset management restructuring ("asset pooling").
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
48
This contract is subject to renewal
No
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.14) Additional information
Please note there is no guarantee of business.
Contracts awarded under the framework may have a maximum total duration of 7 years. No contract awarded from the framework will be permitted to extend beyond 31 October 2033.
two.2) Description
two.2.1) Title
Manager/Fund Search, Selection, Monitoring and Review Services
Lot No
2
two.2.2) Additional CPV code(s)
- 66520000 - Pension services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To provide a wide range of advisory services in relation to the appointment of investment management support services, including, but not limited to:
• Providing market-wide advice on the range of managers/funds with the capability to undertake specific portfolio management and other ancillary services;
• supporting clients with investment manager or other investment related services;
• undertaking investment manager or other investment-related services, assessment and selection on behalf of clients;
• supporting clients in the procurement of, and fee level and structure negotiations with, service providers;
• undertaking investment manager performance monitoring and review on behalf of clients;
• providing access to manager research;
• providing views and ongoing monitoring of investment managers' capabilities from an environmental, social and governance perspective;
• provision of support, training and attendance at meetings as required by clients;
• individual Portfolio reviews - including performance objectives, risk and cost.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
48
This contract is subject to renewal
No
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.14) Additional information
Please note there is no guarantee of business.
Contracts awarded under the framework may have a maximum total duration of 7 years. No contract awarded from the framework will be permitted to extend beyond 31 October 2033.
two.2) Description
two.2.1) Title
Investment Managements Consultancy Related Specialist Services
Lot No
3
two.2.2) Additional CPV code(s)
- 66520000 - Pension services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To undertake a wide range of discrete pieces of specialist, investment-related work, including, but not limited to:
• matters in connection with LGPS Investment Pooling Arrangements;
• FCA authorisation and Variation of Permissions;
• regulatory compliance advice and review services;
• regulatory change advice and implementation services;
• development and integration of investment management operating models changes or enhancements;
• development, review and implementation of investment risk management strategy;
• delivery / implementation of IT infrastructure investment solutions;
• reviews of fund policy statements (ISS/SIP, RI statements etc.);
• individual Portfolio reviews - including performance objectives, risk and cost and ESG matters;
• investment research, modelling and analytics;
• advising on RI and stewardship policies, styles and tools across any or all asset classes and the implementation of RI and stewardship strategies;
• review and selection of Additional Voluntary Contributions providers and associated funds;
• support of processes and compliance with regulatory requirements pertaining to its operation as an authorised entity;
• undertaking or supporting custody/administrator /back-office investment management;
• infrastructure search and review, assessment and selection on behalf of clients;
• assist with the appointment of a Transition Manager and the post and pre trade reporting and analysis;
• enhanced, independent manager analysis, monitoring and review services;
• advice on ESG risk including modelling and reporting;
• support with reporting as required under TCFD (Task Force on Climate-related Financial Disclosures);
• providing transition advice in relation to the switching or movement of assets and/or the restructuring of portfolios;
• advice on Performance Measurement and Attribution solutions and services;
• advice on Climate scenario analysis and impact on portfolio;
• provision of Consultancy services for strategic policy advice and modelling a pension plan's assets, liabilities, and policy instruments;
• provision of Economic Scenario Analysis.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
48
This contract is subject to renewal
No
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.14) Additional information
Please note there is no guarantee of business.
Contracts awarded under the framework may have a maximum total duration of 7 years. No contract awarded from the framework will be permitted to extend beyond 31 October 2033.
two.2) Description
two.2.1) Title
Investment Management Cost Monitoring and Reporting
Lot No
4
two.2.2) Additional CPV code(s)
- 66131100 - Pension investment services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To provide:
• The on-going collation of client investment management cost data from all relevant sources (including but not limited to the client, their custodian and their asset managers as required) at a level of detail consistent with best practice on investment management cost transparency (e.g. guidance as issued from time to time by CIPFA, the LGPS Scheme Advisory Board, the IMA and other leading industry bodies);
• the analysis of such data to provide year-on-year comparable investment management cost data, benchmarked across the LGPS and other relevant UK and global comparators;
• annual reporting of investment management cost outcomes to the client;
• the maintenance of all historical client data;
• attendance at meetings as required by clients.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
48
This contract is subject to renewal
No
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.14) Additional information
Please note there is no guarantee of business.
Contracts awarded under the framework may have a maximum total duration of 7 years. No contract awarded from the framework will be permitted to extend beyond 31 October 2033.
Section three. Legal, economic, financial and technical information
three.1) Conditions for participation
three.1.2) Economic and financial standing
Selection criteria as stated in the procurement documents
three.1.3) Technical and professional ability
Selection criteria as stated in the procurement documents
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.3) Information about a framework agreement or a dynamic purchasing system
The procurement involves the establishment of a framework agreement
Framework agreement with several operators
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.1) Previous publication concerning this procedure
Notice number: 2022/S 000-008573
four.2.2) Time limit for receipt of tenders or requests to participate
Date
30 August 2022
Local time
2:00pm
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.7) Conditions for opening of tenders
Date
30 August 2022
Local time
2:05pm
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.3) Additional information
This procurement will be managed electronically via the Council's eProcurement system. To participate in this procurement, applicants must first be registered on the system at https://in-tendhost.co.uk/norfolkcc Full instructions for registration and use of the system can be found at https://in-tendhost.co.uk/norfolkcc/aspx/BuyerProfiles. Once registered you will be able to see the procurement project under the 'tenders' section and 'express an interest' to view the documentation. If you encounter any difficulties whilst using the system you can contact the InTend support team by phoning +44 8442728810 or emailing mail to: support@in-tend.co.uk?subject=TED (if you at already registered there is no need to re-register). The framework agreement is being let by Norfolk County Council as the contracting authority, and can be used by:
• Norfolk County Council and its agents
• Any successor body to the Council including any company formed by the Council to carry out its Norfolk Pension Fund functions
• Any organisation the Council outsources its Norfolk Pension Fund requirements to
• Any public body with which the Council enters into pooling arrangements for the provision of its Norfolk Pension Fund services.
The Council is working closely with the following authorities, who have expressed an intention to procure services under the framework (including itself):
• Hampshire County Council (as Administering Authority of the Hampshire Pension Fund),
• Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC)
• Tameside Metropolitan Borough Council (as Administering Authority of the Greater Manchester Pension Fund)
• West Sussex County Council (as Administering Authority of the West Sussex Pension Fund)
• Wirral Council (as Administering Authority for Merseyside Pension Fund)
In addition to those listed above, the framework may also be used by:
• any LGPS administering authorities as defined in the Local Government Pension Scheme Regulations 2013 (SI 2013/2356) (as amended) including the firefighters' pension scheme and police pension schemes and any of their participating employing authorities, or in relation to the LGPS in Scotland, any administering authority and any of their scheme employers as defined in the Local Government Pension Scheme (Scotland)Regulations 2018 (SSI 2018/141) (as amended);
• NILGOSC in Northern Ireland and employing authorities as defined in the Local Government Pension Scheme Regulations (Northern Ireland) 2014 SRNI/188 (as amended)
• the Board of the Pension Protection Fund (http://www.pensionprotectionfund.org.uk)
• any other administering authority or organisation of a public sector pension scheme or any public sector body or that requires pension related services;
• any common asset pool or collective investment vehicle established by or on behalf of an administering authority or group of administering authorities; or
any bodies, organisations or companies established by them for the purpose of operating on a collective basis.
six.4) Procedures for review
six.4.1) Review body
Nplaw
Norwich
Country
United Kingdom
six.4.3) Review procedure
Precise information on deadline(s) for review procedures
The Council has voluntarily decided to incorporate a standstill period at the point when information on the proposed award of the contract is communicated to tenderers. The standstill period, which will be for a minimum of ten calendar days, provides time for unsuccessful tenders to challenge the award decision before the Contract is entered into. Aggrieved parties who have been harmed or are at risk of harm by any breach of the Council's obligations may take action in the High Court (England, Wales and Northern Ireland). Proceedings must be brought within 30 days from the date of knowledge (the date on which the economic operator first knew or ought to have known that grounds for starting the proceedings had arisen) unless the Court considers that there is good reason for extending the period within which proceedings may be brought, in which case the Court may extend that period up to a maximum of 3 months from the date of knowledge.