Official UK procurement notice
Economic Scenario Model (ESM)
Authority: The Board of the Pension Protection Fund·Consortium: 2 public authorities
What is being bought
Published requirement descriptionThe Pension Protection Fund (PPF) awarded a contract for an Economic Scenario Model (ESM) in accordance with the Public Contracts Regulations 2015 under the Open Procedure.
CPV: Public utilities · Software package and information systems
The lotProcurement structure
single lot · no lot value publishedLot #1The PPF procured a licence and associated services for an Economic Scenario Model…Awarded
The PPF procured a licence and associated services for an Economic Scenario Model (ESM) for use in assumption-generation for a range of medium and long-term modelling. The solution provides a real-world calibration of an appropriate timeframe, including outputs for a sufficiently broad range of asset classes given the investment strategy of the PPF and the pension schemes it protects. The outputs also facilitate the projection of the liabilities of the PPF and those of the pension schemes it protects.
What it takes to wini
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Evaluation split and conditions of participation as published; the tender pack may add morei
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Published sub-criteria (2)
- Technical: 85%
- price: 15%
Published award criteria (2)
- Technical: 85
- Price: 15
- Staff
- Names and qualifications of delivery staff must be submitted
- Price carries 15 of 100 points: a 10% discount moves about 1.5 points. The method statement decides this lot, not the discount.
Price arithmetic assumes straight proportional scoring; the tender pack may use another formula.
Procedure terms & legal framework
From the official record · publisher note attached- Procedure method
- Open procedure
- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Goods
- Notice status
- Awarded
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Yes (GPA)
- Recurring procurement
- No (one-off requirement)
- First published
- 15 Apr 2021, 22:55 BST
- Last source update
- 21 May 2024, 16:41 BST
- Award evaluation window
- 12 May 2021 – …
- FTS notice number
2024/S 000-016072- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-02a5d2Find a Tender
- Electronic trading
- e-invoicing allowed · electronic payment
Publisher note: The contract awarded is for an initial duration of 60 months, with options to extend for up to three further 12 month terms. If the extensions are all exercised the total contract duration will be 96 months. If all extensions are executed the total final value is estimated to be £1,115,410.02 + VAT. The PPF is a continuously developing business within a changing market and it is envisaged that there will be a future requirement for further components, modules or packages within the economic scenario model solution, including bespoke developments within the system which are reserved for the PPF's use only. It is fully envisaged that these components and modules will be developed over the life of the contract not only to reflect changes in the market, but also the PPF's strategy, including, but not limited to, changes in approach to the amount of business retained or brought in-house, the nature and size of the PPF's assets and liabilities and the PPF's approach to risk and return. This may require additional components and modules not currently listed, or development of the services themselves or existing services provided to the PPF which support or are supported by these services. It is further envisaged that additional software, including licences, may need to be developed to enhance the services, to increase efficiency and streamline the services, to increase the availability of the services in line with changes in the market, anticipated changes to the PPF's strategy over the life of the contract and changes in the nature and size of the PPF's assets and liabilities or to develop other services that support or are supported by these services. These additional services, systems, software and licences may result in price revision of the original contract and/or may significantly increase the fees paid in relation to these services over the life of the contract. The PPF makes no guarantee as to the nature and extent of such additional services, systems, software or licences. Note that the contract value stated above is the estimated value of the contract assuming all extension options are taken but does not include the cost of all potential additional services, systems, software and licences.
How it was run
Official notice- Submission deadline
- 12 May 2021, 13:00 BST
- Submission channel
- {"electronicSubmission","written"}
- Accepted languages
- en
- Bid validity
- 360 days from the deadline
- Bids opened
- 12 May 2021, 13:00 BST
Timeline
12 May 2021 → 21 May 2024 · 3 dates- Submission deadline12 May 2021, 13:00 BST
- Bids opened12 May 2021, 13:00 BST
- Notice published21 May 2024, 16:41 BST
Notice history
6 events · 4 releases on Find a Tender · since 27 Jul 2021- Status changed to active27 Jul 2021, 18:14 BST
- Procurement method changed27 Jul 2021, 18:14 BST
- Deadline moved to 12 May 2021, 13:00 BST27 Jul 2021, 18:14 BST-2 days · was 14 May 2021, 13:00 BST
- Status changed to complete10 Mar 2022, 22:45 GMT
- Buyer details updated10 Mar 2022, 22:45 GMT
- Buyer details updated21 May 2024, 16:41 BST
Published amendments (2 · 1 deadline change)
| When | What | Before | After | Shift |
|---|---|---|---|---|
| — | DeadlineIV.2.2 | 12 May 2021 | 14 May 2021 | +2 d |
| — | Bid openingIV.2.7 | 12 May 2021 | 14 May 2021 | +2 d |
| — | TextII.2.4 | — | Initial contract value (ex VAT) has been updated in line with the now known expected spend on additional modules. The scope for additional modules and subsequent spend were included within the Invitation to Tender Specification and the FTS Award Notice. Updated Contract Value - £1,5134,253 | |
| — | TextII.1.7 | — | Addition of 3 new modules - ALM, Climate and ECF Liability - the contract value is £1,534,253.85 (ex VAT). The scope for these additional modules and subsequent spend were included within the Invitation to Tender Specification and the FTS Award Notice. |
2 amendments published without a description.
Routine re-releases (4)
- 2021-04: 1 release · 15 Apr 2021
Commercial outcome & contract awards
Published awards, contracts and bid statistics, not a forecast| Awarded to | Value | Date | Status |
|---|---|---|---|
| Ortec Finance LTDEconomic Scenario Model | £1,115,410 † | — | Awarded |
Contracts
Economic Scenario Model · Ortec Finance LTD
- Signed
- 15 Feb 2022
- Value
- £1,115,410
- Status
- active
Bid statistics published by the authority
| Bids | SME | VCSE | Valid bid range |
|---|---|---|---|
| 6bids · 6 electronic · 2 from abroad | 1 | — | — |
Contracting authority & participating public bodies
2 public bodies on the noticeConsortium members and other public bodies
- Pension Protection FundContracting authorityBody governed by public lawEconomic affairs
Bidders & participating suppliers
1 commercial party on the notice- Ortec Finance LtdAwarded supplier
Official documents & specifications (2)
Official links; attachments are not copiedTender pack and attachments
- Economic and financial selection criteria
- Technical selection criteria