Actuarial Pension Valuation Services for the University of Birmingham

Concepts

• birmingham
• actuarial services
• support staff pension scheme
• actuarial pension valuation services
• university
• university of birmingham
• valuations
• actuarial valuation
• external advisors

Location

University of Birmingham, Edgbaston, Birmingham. (Some work may take place at supplier premises, but this will be agreed with the University.)

Description

Actuarial Pension Valuation Services for the University of Birmingham. The support staff pension scheme will require an actuarial valuation in 2022. It will require up to a further two valuations, currently envisaged for 2025 and 2028. The University will require external advisors for this work.

Award Detail

CPV Codes

• 66519600 - Actuarial services

Legal Justification

The contract is not being put out to competitive tender for the following reasons: 1. The relationship between the employer and the pension scheme during a valuation cycle can be challenging and it is important that as many of the team involved are consistent. The team from ISIO, previously at KPMG have supported the University for the last 3 valuation cycles and have developed a strong working relationship with both parties that is valuable in positioning and negotiations 2. The pensions team at ISIO have specific technical knowledge gained over previous valuation cycles that another party would need significant time and support to gain for this next valuation cycle 3. The change of personnel at the University, change of Treasurer and HR Director is already bringing some change into the valuation process, it is not advisable therefore to change advisors as well 4. The advisors need to have relevant technical experience and to not be conflicted from operating as an advisor to the University and/or the pension scheme which reduces the field of potential advisors significantly

Other Information

** PREVIEW NOTICE, please check Find a Tender for full details. ** The contract is not being put out to competitive tender for the following reasons: 1. The relationship between the employer and the pension scheme during a valuation cycle can be challenging and it is important that as many of the team involved are consistent. The team from ISIO, previously at KPMG have supported the University for the last 3 valuation cycles and have developed a strong working relationship with both parties that is valuable in positioning and negotiations 2. The pensions team at ISIO have specific technical knowledge gained over previous valuation cycles that another party would need significant time and support to gain for this next valuation cycle 3. The change of personnel at the University, change of Treasurer and HR Director is already bringing some change into the valuation process, it is not advisable therefore to change advisors as well 4. The advisors need to have relevant technical experience and to not be conflicted from operating as an advisor to the University and/or the pension scheme which reduces the field of potential advisors significantly The contract with ISIO Group Limited will run from January 2022 until June 2029. The standstill period of ten calendar days will be applied. The standstill will expire at midnight at the end of Monday 13th December.