The announcement marks the conclusion of a three month procurement process during which applicants were asked to submit their bids.
The Framework Agreement sets out the terms and conditions for the firms which have been appointed to either Lot 1 or Lot 2 or both, depending on the work they are required to do.
Lot 1 is primarily for services to the Board where both administration and actuarial services and/or pensions consultancy may be required at the same time. Firms on this lot have direct experience in the pensions industry.
Lot 2 is aimed at firms with specialist actuarial capabilities who have experience in either the pensions or insurance industries (where long-term risk modelling is also considered). These firms will provide broader but more specified actuarial consultancy services, as part of a pool of suppliers capable of delivering any specific call-off contract we award.
The firms who have been awarded are:
Lot 1 – Broadstone Corporate Benefits Limited
Lot 2 – Government’s Actuary Department (GAD) and Hymans Robertson
Lot 1 and Lot 2: Barnett Waddingham, Deloitte, Mercer, XPS Pensions Consulting, Quattro and Spence & Partners
These businesses will perform a range of tasks including collecting and analysing data; providing administration, actuarial and payroll functions; giving actuarial advice; supporting specialist projects and providing consultancy support and services.
The companies will be required to perform all services in line with PPF standards of professionalism and PPF’s ICARE values. The work is expected to be ‘right first time’ to the Board’s satisfaction and in accordance with the Framework Agreement and Call-Off Contract.
For further press information contact:
PPF Press Office
020 8406 2107