UK-London: custody services

Prior Information Notice

Country:

United Kingdom

City/Locality:

LONDON

Notice/Contract Number:

eu:343440-2009

Publication Date:

Dec 12, 2009

Buyer:

PERSONAL ACCOUNTS DELIVERY AGENCY

Original Language:

English

Address:

PERSONAL ACCOUNTS DELIVERY AGENCY
LONDON
United Kingdom

Web Site:

www.padeliveryauthority.org.uk

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Notice Type: 2200 - Prior Information Notice
Regulation of Procurement: European Communities, with participation by GPA countries
EU Official Journal Publication: 240/2009, #343440-2009
Contract Nature: Service contract
Procedure Type: Prior information or periodic indicative notice
Type of Bid Required: Global tender
Awarding Criteria: Not applicable

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PRIOR INFORMATION NOTICE
Services
SECTION I: CONTRACTING AUTHORITY
I.1) NAME, ADDRESSES AND CONTACT POINT(S): Personal Accounts Delivery
Agency, St Dunstan's House, 201-211 Borough High Street, Contact:
Commercial and Procurement Department, Attn: James Collins, UK-London SE1
1GZ. Tel. +44 2079408612. E-mail: james.collins@dwp.gsi.gov.uk. Fax +44
2079408574.
Internet address(es):
General address of the contracting authority:
www.padeliveryauthority.org.uk.
Address of the buyer profile: www.padeliveryauthority.org.uk/suppliers.
Further information can be obtained at: As in above-mentioned contact
point(s).
I.2) TYPE OF THE CONTRACTING AUTHORITY AND MAIN ACTIVITY OR ACTIVITIES:
Body governed by public law.
Economic and financial affairs.
Other: Fund Administration.
The contracting authority is purchasing on behalf of other contracting
authorities: yes.
SECTION II.B: OBJECT OF THE CONTRACT (SUPPLIES OR SERVICES)
II.1) TITLE ATTRIBUTED TO THE CONTRACT BY THE CONTRACTING AUTHORITY:
Personal Accounts Delivery Authority Fund Administration Services.
II.2) TYPE OF CONTRACT AND PLACE OF DELIVERY OR OF PERFORMANCE: Services.
Service category: No 6.
Main place of performance or of delivery: United Kingdom.
II.3) SHORT DESCRIPTION OF NATURE AND QUANTITY OR VALUE OF SUPPLIES OR
SERVICES: Population projections suggest that the number of people aged 65
and over will almost double by 2055. The Department for Work and Pensions
(DWP) estimates that around seven million people are not saving enough to
deliver the pension income they are likely to want, or expect, in
retirement.
In its 2005 report to Government the Pensions Commission called for wider
and fairer pension coverage. It also identified automatic enrolment into a
workplace pension scheme and employer contributions as key factors in
effectively tackling under-saving.
The workplace pension reforms, due to be introduced from 2012, place a new
duty on employers to automatically enrol all eligible workers into a
qualifying workplace pension arrangement.
To complement existing provision a new low cost pension scheme – currently
referred to as the personal accounts scheme - will be introduced to ensure
that all employers have access to a suitable pension arrangement in order
to fulfil their new duties under the reforms. The scheme aims to provide
millions of people – typically those on low to moderate incomes - with
access to workplace pension saving.
The personal accounts scheme will be run in the interests of its members
by a not-for-profit trustee corporation. It will be accountable to
Parliament.
In order to establish the scheme, the Contracting Authority is procuring a
number of contracts:
— Trustee Corporation – Multiple contracts for a range of goods and
services contracts in order to support the Trustee Corporation,
— Scheme Administration Services - A single contract for scheme
administration services,
— Fund Administration Services – A single contract for fund accounting and
custodian services,
— Investment Management – Multiple contracts for the management 0f
investment funds,
— Annuity Purchase - Multiple contracts for a panel of annuity providers.
Further information on the Contracting Authority can be found at:
http://www.padeliveryauthority.org.uk/about.asp
This PIN relates to the contract for Fund Administration services.
The Contracting Authority is likely to invest in a range of asset classes
including, but not limited to; equities, bonds, gilts, alternatives and
foreign exchange.
The Contracting Authority is seeking to appoint a Fund Administrator to
supply Fund Accounting and Global Custody services to administer the
Scheme’s assets.
In the early years the Scheme’s assets are likely to be invested in pooled
funds of other providers so the service requirements are likely to be
limited to Fund Accounting Services and some additional auxiliary
services. The requirements will include but not limited to the following:
— calculation of the daily net asset value,
— daily unit pricing of the Scheme’s funds,
— administrating and maintaining the fund of fund structure for the
default fund and alternative fund choices,
— calculating the annual management charge,
— process aggregated cash flows in and out of the various funds,
— cash management,
— placing deals with the underlying managers,
— maintaining the general ledger for the funds,
— reporting.
As the Scheme’s assets grow, the management of the Scheme’s assets may
move from pooled funds to being managed on a segregated basis. An
essential requirement is that the supplier must have the capacity to
provide full global custody services and safe keeping of Scheme’s assets
should this be required.
The contract will be for ten years with a review after 10 years. There
will be a possible extension at the end of the 10 year period of an
additional 5 years.
Division into lots: no.
II.4) COMMON PROCUREMENT VOCABULARY (CPV): 66162000, 66140000, 66133000,
66170000, 66141000.
II.6) CONTRACT COVERED BY THE GOVERNMENT PROCUREMENT AGREEMENT (GPA):
Yes.
II.7) ADDITIONAL INFORMATION: All procurement activity will be conducted
in accordance with the European Union public procurement directives (as
defined in the UK by the Public Contracts Regulations 2006) and the
contract will follow the Restricted Procedure process.
The procurement will commence with publication of a contract notice in the
Official Journal of the European Union (OJEU) in early February 2010.
At 13:00 on 12.1.2010 an event will be held in the Contracting Authority
offices to provide further details on the Fund Administration contract and
to answer any queries from potential suppliers. This event will last
approximately two and a half hours. If a supplier wishes to attend they
must pre-register by sending an email to alexandra.snow@dwp.gsi.gov.uk
detailing:
— name of supplier company,
— primary contact name, phone number and email,
— name and email addresses of all attendees (maximum of three).
The programme is currently in a period of market engagement and should a
supplier wish to engage with the programme prior to the date of the
supplier event, they can do so via the contact details in Section 4.
Summary of Timeline.
— Supplier Event - 12.1.2010,
— Contract Notice in OJEU - February 2010,
— Issue PQQ - February 2010,
— Issue ITT - May 2010,
— Contract Award - September 2010.
SECTION III: LEGAL, ECONOMIC, FINANCIAL AND TECHNICAL INFORMATION
III.2) CONDITIONS FOR PARTICIPATION
III.2.1) Reserved contracts: No.
SECTION VI: COMPLEMENTARY INFORMATION
VI.1) CONTRACT RELATED TO A PROJECT AND/OR PROGRAMME FINANCED BY
COMMUNITY FUNDS: No.
VI.2) ADDITIONAL INFORMATION: The Contracting Authority intends to use an
eTendering system in this procurement exercise.
VI.4) DATE OF DISPATCH OF THIS NOTICE: 10.12.2009.

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UK-London: custody services

Prior Information Notice

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Goods, Works and Services

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