Official UK procurement notice
Actuarial Services in Relation to Pensions
Authority: BANK OF ENGLAND
What is being bought
Published requirement descriptionTHIS IS NOT A CALL FOR COMPETITION
The Bank of England is considering commissioning an Actuarial Service. It is anticipated, dependent upon an engagement exercise, that tenders for this service would be issued in February 2026, to enable a new contract to begin from January 2027.
As part of the tender process, the Bank is undertaking a soft market test. This gives potential providers and other stakeholders the opportunity to express their interests and feed in their views about the potential service model and specification principles. The Bank will use the information to appraise options and further develop the specification.
Suppliers are further invited to attend an online supplier engagement session on 3 February 2026 at 11am. Interested parties are to register their interest at [email protected] by 30 January 2026 with a subject line: Actuarial Service In Relation To Pensions (PME) .
This process does not constitute a formal tender or other competitive bidding process and will not result in the letting of a Contract. The Bank is using this process solely to test the market to gather information and ascertain the level of interest in this particular service. There are therefore no formal criteria which we will use to judge your responses, and it is not our intention to provide any feedback.
About the service
Actuarial Services to be provided to the Bank of England on its Year End Accounts calculations and disclosures, pension costs forecasting for budgetary purposes, ad-hoc analysis and Private Medical Insurance costing and advice.
The supplier will be required to provide Triennial valuations, annual interim valuations. They will be required to support the Bank in its interactions with the Pension Fund Trustees and their actuarial advisers through the valuation process and the approach to future fund contributions.
Interested suppliers are requested to register for free on the Bank's e-procurement portal Proactis:
supplierlive.proactisp2p.com/Account/Login ↗
Upon registration, the Request For Information Questionnaire can be found under the following project: RFX REQ/1000376 - Actuarial Service In Relation To Pensions (PME).
Please note that the contract value included in this Notice is estimated and does not act as a commitment of spend by the Bank. During the life of the contract, the Bank is looking to tender for, it would only be required to pay for the services it uses.
CPV: Actuarial services · Pension fund consultancy services · Pension fund management services
The lotProcurement structure
single lot · no lot value publishedPipeline intelligence · planning stage: how this market runs before the tender is published
How BANK OF ENGLAND buys Pension services (CPV 6652), and who usually turns up
BANK OF ENGLAND’s own published record, next to the published market for the same work. Frameworks and DPS are kept out: they attract a different number of bids. Whole-market view: Pension services (CPV 6652) →
How the contest usually goes
Winner shares use published awards; bid and price charts use contested lots.
i
How often small and medium firms win.
Share of awards where the winner’s size is known.
The counts under this question show how many awards have a known supplier size.
No small-firm winners recorded among this authority’s published awards in this sample.
i
How often local firms win similar work.
Winners with a registered address in the delivery region, out of awards with a known address.
Here, local means registered in Greater London (authority’s region).
A local branch does not count if the registered address is elsewhere.
Most of this buyer’s recorded winners are registered outside Greater London.
i
How long buyers here take to decide after bids close.
Middle value in days from the deadline to the first award notice, on competitions that published both dates.
Only decided tenders count, so slow ones still waiting are not in.
Half of these awards were announced within 111 days of the bid deadline.
i
How often work is awarded with no recorded rival.
Direct awards and tenders where every published lot count shows one bid.
Both shares are minimums: some awards have no bid count.
Thin markets produce this too; it is not proof of a tailored specification.
Direct awards or one recorded bid are common here. Check the route before spending time on a bid.
How many bids did past lots attract?
i
How many bids past lots received.
Each colour is a bid-count range. Only competed lots with a published count are included.
Past bids do not predict this tender.
1 bid17% / 27%
2–30% / 27%
4–667% / 18%
7+17% / 27%
How did awards compare with estimates?
i
Where winning prices landed against estimates.
Each colour shows awards below, close to or above the published estimate, one lot at a time.
Past prices are a guide, not a bid price.
Below estimate33%
Within ±2%50%
Above estimate17%
Assess each lot i
What past awards tell you about each lot.
See the forecast, this buyer’s earlier suppliers and firms with relevant wins.
No supplier is confirmed as a bidder.
i
What past awards tell you about each lot.
See the forecast, this buyer’s earlier suppliers and firms with relevant wins.
No supplier is confirmed as a bidder.
Open a lot for its forecast, this buyer’s previous supplier and possible competitors, from published award history, not a bid list
Lot #1CPV 6652Published estimate£1.8m
i
How many bids this lot may attract.
The forecast uses similar past competitions. The bar shows either that forecast or past bid counts; the line below says which.
Each lot shows its own forecast based on its own category; forecasts for different lots of the same notice are not comparative. The bar shows 68 past lots.
A forecast, not a list of bidders.
1 bid18%
2–353%
4–628%
7+1%
i
Where the award price may land.
The forecast uses similar awards and the buyer’s estimate. The band covers the middle half of likely prices.
No comparable awards for this lot yet.
A statistical guide from past awards, not a price to bid.
Who has supplied this buyer on similar work? i
Who has done similar work for this buyer.
Past contracts are matched by buyer, title and type of work.
A past supplier may not bid again.
i
Who has done similar work for this buyer.
Past contracts are matched by buyer, title and type of work.
A past supplier may not bid again.
No earlier contract of this buyer matches this lot on the published record.
Who could compete for this lot? i
Who could compete for this lot?
Firms with relevant past wins. On a framework, we show firms on that agreement.
None is confirmed as a bidder.
i
Who could compete for this lot?
Firms with relevant past wins. On a framework, we show firms on that agreement.
None is confirmed as a bidder.
Candidate suppliers for this notice have not been worked out yet, so this is not a verdict that nobody fits.
About this data
- Source. Official UK public procurement notices (Find a Tender), reused under the Open Government Licence v3.0. New notices arrive through the day; the figures are rebuilt nightly.
- Two views, kept apart. The authority’s own track record and the wider market for the same kind of work sit side by side and are never mixed. Where the local picture is too thin, a figure widens to a broader market and says which one it used.
- Forecasts are labelled. The price forecast and its range, possible competitors and the earlier-work matches are our estimates from past awards: not published facts, not win chances and not price advice. Official notices do not say who is bidding.
- Every figure shows what it rests on. Not every notice publishes a bid count, a value or a delivery region, so each figure carries the number of records behind it, and one built on few records is marked as such. The on a figure explains it; the counting rules are in the methodology. Spotted something wrong? Tell us.
Procedure terms & legal framework
From the official record- Legal basis
- UKPGA · 2023/54 Procurement Act 2023
- Procurement category
- Services
- Notice status
- Planned procurement
- Procurement threshold
- Above threshold (FTS publication)
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Unspecified in notice
- Recurring procurement
- Unspecified in notice
- First published
- 21 Jan 2026, 15:51 GMT
- Last source update
- 21 Jan 2026, 15:51 GMT
- Authority reference
PRJ/1000383/RFX REQ/1000376- FTS notice number
2026/S 000-005441- Latest notice
- Preliminary market engagement notice (UK2)
- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-060b79Find a Tender
How it was run
Official notice- Submission deadline
- —
Timeline
21 Jan 2026 → 25 Jan 2027 · 3 dates- Planning notice published272 days ago21 Jan 2026, 15:51 GMT
- Market engagement262 days ago30 Jan 2026, 23:59 GMT
A Soft Market Test questionnaire will be issued and the response window closes 30 January 2026 at 12 noon.
Suppliers are further invited to attend an online supplier engagement session on 3 February 2026 at 11am. Interested parties are to register their interest at [email protected] by 12 noon 30 January 2026.
- Today20 Oct 2026
- Contract startsin 97 days25 Jan 2027
Notice history
1 event · 1 release on Find a Tender- Preliminary market engagement notice published21 Jan 2026, 15:51 GMTUK2
Commercial outcome & contract awards
Pipeline notice- Awards (0)
- No award published
- Contracts (0)
- No contract published
- Bid statistics
- No aggregate bid statistics published
Contracting authority & participating public bodies
Official documents & specifications (1)
Official links; attachments are not copiedNotices published for this procedure
- Preliminary market engagement notice Preliminary market engagement notice on Find a Tender