Issue - meetings

The report before Members sought authorisation to procure Actuarial Services and Investment Management Consultancy Services to the Pension Fund using the National Local Government Pension Scheme (LGPS) Frameworks.

An amendment was made to the report to delete paragraph 1.5 and it was noted that Appendix A was added in error.

The Framework for procurement was as a result of collaboration between a number of founding LGPS funds.  It will remove the need to run a best practice OJEU (Official Journal of the European Union) equivalent full tender exercise when procuring a longer term, single supplier relationship thereby reducing the duration of the procurement process.  The Framework would be sent out to Members.

It is split into four lots and commenced in July 2016, open for four years and contracts awarded may be for a period up to seven years.

Four service providers cover all four lots.  Officers will undertake any procurement by assessing the most appropriate lots to procure the length of contract.  There is a cost to join the framework which is capped at £5000 for all lots.  The procurement process itself will be undertaken in accordance with the Contract Procedure Rules and will be published if necessary on the Council’s Forward Plan of key decisions.

The Pension’s Committee:

Agreed:

·       To join the National Framework for Actuarial, Benefits and Governance Consultancy Services.

·       To join the National Framework for Investment Management Consultancy Services

·       To hold the service provider interviews before the Pension Committee as part of the further competition process.

Delegated:

·       To officers as appropriate to undertake the procurement of the Actuarial service provider

·       To the s151 Officer to award the Actuarial Services Contract at the completion of the procurement exercise.