Actuarial Pension Valuation Services for the University of Birmingham

Official notice

Authority: THE UNIVERSITY OF BIRMINGHAM (Education)

ServicesAward procedure without prior publication of a call for competition

Sectors: Financial and insurance services (66) Delivery: West Midlands (UKG31)

Awarded value£300,000published contract · exc. VAT

Awarded 3 Dec 2021no call for competition

Awarded to Isio Group Ltd

What is being bought

Published requirement 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.

CPV: Actuarial services

The lotProcurement structure

single lot · no lot value published

Lot #1

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

Procedure terms & legal framework

From the official record · publisher note attached

Procedure method: Award procedure without prior publication of a call for competition
Legal basis: CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
Procurement category: Services
Notice status: Awarded without competition
Procurement threshold: Unspecified in notice
Regulatory regime: Standard
Commercial structure: Stand-alone contract (no framework)
Competition type: Direct award (no call for competition)
GPA / WTO covered: Yes (GPA)
Recurring procurement: Unspecified in notice
First published: 3 Dec 2021, 14:12 GMT
Last source update: 3 Dec 2021, 14:12 GMT
Authority reference: SC9808/21
FTS notice number: 2021/S 000-030094
Classification (CPV): Actuarial services
Delivery area: West Midlands (UKG31)
Official registry OCID: ocds-h6vhtk-02fd04 Find a Tender

Why no open competition

The procurement falls outside the scope of application of the directive

Published justification

The contract is not being put out to competitive tender for the following reasons:

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
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
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
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

Publisher note: 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.

Commercial outcome & contract awards

Published awards, contracts and bid statistics, not a forecast

Awards 1

Awarded value £300,0001 contract exc. VAT

Contracts signed 1latest 3 Dec 2021

Awarded to	Value	Date	Status
Isio Group Ltd	£300,000 †	—	Awarded

Contracts

Actuarial Pension Valuation Services for the University of Birmingham · Isio Group Ltd
Signed
3 Dec 2021
Value
£300,000
Status
active

Contracting authority & participating public bodies

UNIVERSITY OF BIRMINGHAM

Contracting authorityEducationBody governed by public lawEducation University of Birmingham, BIRMINGHAM, West Midlands, B152TTContact name, email

Dispute resolution & review bodies

The University of BirminghamReview body Birmingham

Bidders & participating suppliers

1 commercial party on the notice

ISIO Group LimitedAwarded supplier 1 Colmore Square, Birmingham, West Midlands, B4 6AJContact email, phone

Official documents & specifications

Official links; attachments are not copied

No document links were published on the notice.