Scope
Reference
DN780802
Description
Short term 12-month investment consultancy contract, based on the terms of the existing contract to allow continuation of services until a full formal tender process can be run and the outcome of the Government's Fit For Future consultation is known including the implications on the Fund's investment advice going forward.
Contract 1. Pension Fund: Investment Consultancy
Supplier
Contract value
- £250,000 excluding VAT
- £300,000 including VAT
Above the relevant threshold
Earliest date the contract will be signed
17 July 2025
Contract dates (estimated)
- 18 July 2025 to 17 July 2026
- 1 year
Main procurement category
Services
CPV classifications
- 66141000 - Pension fund management services
Contract locations
- UKJ34 - Isle of Wight
Other information
Conflicts assessment prepared/revised
Yes
Procedure
Procedure type
Direct award
Direct award justification
Single supplier - technical reasons
The Authority has a contract with Hymans Robertson for the provision of Investment Consultancy Services since 10 July 2018 that is expiring on 9 July 2025 let via LGPS Investment Management Consultancy Services Framework . The average annual spend over this period was £250833.00 (Ex VAT). The Authority intends to direct award a 12 month contract to the current supplier. The Authority is direct awarding to the current supplier as using a different supplier during the middle of the valuation would disrupt continuity and potentially increase costs due to duplication of existing work that has already started, therefore this is the only supplier that can continue with this. The significant changes being proposed by the Government, which need to be implemented by March 2026, do not allow time for a new suppler to gain sufficient depth of knowledge and/or understanding about the Isle of Wight Pension Fund. The Government's proposed timetables for introducing change, with in-principle decisions to be made by September 2025 by the Fund, regarding the Fund's partner investment pool company, also do not allow time to on-board any new supplier and ensure continuity of services.
Supplier
Hymans Robertson LLP
- Companies House: OC310282
One London Wall
London
EC2Y 5EA
United Kingdom
Email: craig.alexander@hymans.co.uk
Region: UKI31 - Camden and City of London
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Contract 1. Pension Fund: Investment Consultancy
Contracting authority
Isle of Wight Council
- Public Procurement Organisation Number: PGYX-7387-YJXG
County Hall
Newport
PO30 1UD
United Kingdom
Contact name: Vanessa Squibb
Telephone: 019683821000
Email: vanessa.squibb@iow.gov.uk
Website: http://www.iow.gov.uk
Region: UKJ34 - Isle of Wight
Organisation type: Public authority - sub-central government