Issue - meetings

To seek authorisation to:

1. Enter into an Access Agreement with Norfolk County Council to access the National Local Government Pension Scheme (LGPS) Framework and;

2. Conduct an EU compliant tender processing using the Framework for the award of a seven year contract for the provision of Actuarial Services to the Gloucestershire Pension Fund.    

Having considered all of the information, including known proposals, alternative options and reasons for the recommendations, Cabinet noted the report and

RESOLVED to:

Authorise the Director of Finance and Enabling Services to:

1.    Enter into an Access Agreement with Norfolk County Council to access the National Local Government Pension Scheme (LGPS) Framework (“the Framework”) and pay Norfolk County Council an access fee of £5,000;

2.    Conduct an EU compliant tender processing using the Framework for the award of a seven year contract, having an initial term of four years and an option to extend for a further three years, for the provision of Actuarial Services to the Fund with a total estimated value of £1.4m;   

3.   Upon conclusion of the tender process to enter into a contract with the preferred provider evaluated as offering the Council best value for money for the delivery of the services. In the event that the preferred provider is either unable or unwilling to enter into a contract with the Council then the Director of Finance and Enabling Services is authorised to award a contract to the next willing highest placed suitably qualified provider for delivery of the services.

Cllr Ray Theodoulou, Cabinet Member for Finance and Change, presented the report and proposed the award of a contract for the provision of ‘Actuary Services’ to the Gloucestershire Pension Fund.

Cllr Theodoulou explained that the Council, (as Administering Authority), had a statutory requirement to obtain a valuation of the fund’s assets and liabilities and produce a report in respect of the valuation every three years. The current contract is due to expire on 31 March 2019.

Cllr Theodoulou informed members that the proposal to enter into an Access Agreement with Norfolk County Council would enable the Council to access the National Local Government Pension Scheme Framework for the tender and procurement of a seven year contract for the provision of services. He advised members of four nationally recognised suppliers who provided actuarial services for local government pension funds, each of which had been appointed to the national framework.

The proposed contract, with an estimated total value of £1.4 million, will be a for a term of seven years, comprising an initial term of 4 years, with an option to extend for a further 3 years.

Having considered all of the information, including known proposals, alternative options and reasons for the recommendations, Cabinet noted the report and

RESOLVED to:

Authorise the Director of Finance and Enabling Services to:

1.    Enter into an Access Agreement with Norfolk County Council to access the National Local Government Pension Scheme (LGPS) Framework (“the Framework”) and pay Norfolk County Council an access fee of £5,000;

2.    Conduct an EU compliant tender processing using the Framework for the award of a seven year contract, having an initial term of four years and an option to extend for a further three years, for the provision of Actuarial Services to the Fund with a total estimated value of £1.4m;   

3.   Upon conclusion of the tender process to enter into a contract with the preferred provider evaluated as offering the Council best value for money for the delivery of the services. In the event that the preferred provider is either unable or unwilling to enter into a contract with the Council then the Director of Finance and Enabling Services is authorised to award a contract to the next willing highest placed suitably qualified provider for delivery of the services.