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UK-London: pension fund administration services

Request For Proposals

General Information
Country:   United Kingdom
City/Locality:   LONDON
Notice/Contract Number:   eu:47853-2010
Publication Date:   Feb 17, 2010
Deadline:   Mar 17, 2010
Buyer:   PERSONAL ACCOUNTS DELIVERY AUTHORITY
Original Language:   English

Contact Information
Address:   PERSONAL ACCOUNTS DELIVERY AUTHORITY
LONDON
United Kingdom
Web Site:   www.padeliveryauthority.org.uk

Goods, Works and Services

 

Summary

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Notice Type: 2220 - Contract notice
Regulation of Procurement: European Communities, with participation by GPA countries
EU Official Journal Publication: 33/2010, #47853-2010
Referenced Document Number: 343440-2009
Contract Nature: Service contract
Procedure Type: Restricted procedure
Type of Bid Required: Global tender
Awarding Criteria: The most economic tender

Original Text

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CONTRACT NOTICE
Services
SECTION I: CONTRACTING AUTHORITY
I.1) NAME, ADDRESSES AND CONTACT POINT(S): Personal Accounts Delivery
Authority, St Dunstan's House, 201-211 Borough High Street, Attn: Rupert
Bramble, London SE1 1JA, UNITED KINGDOM. Tel. +44 2079408586. E-mail:
rupert.bramble@dwp.gsi.gov.uk.
Internet address(es):
General address of the contracting authority:
www.padeliveryauthority.org.uk.
Address of the buyer profile: https://dwp.bravosolution.co.uk.
Further information can be obtained at: As in above-mentioned contact
point(s).
Specifications and additional documents (including documents for
competitive dialogue and a dynamic purchasing system) can be obtained at:
As in above-mentioned contact point(s).
Tenders or requests to participate must be sent to: 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: Pension Administration.
The contracting authority is purchasing on behalf of other contracting
authorities: yes.
SECTION II: OBJECT OF THE CONTRACT
II.1) DESCRIPTION
II.1.1) Title attributed to the contract by the contracting authority:
Enabling Retirement Savings Programme: Fund Administration Services.
II.1.2) Type of contract and location of works, place of delivery or of
performance: Services.
Service category: No 6.
Main place of performance: UK.
II.1.3) The notice involves: A public contract.
II.1.5) Short description of the contract or purchase(s): The scheme
(being a low-cost, qualifying, trust based pension scheme being set up by
the Authority (the “Scheme”)) is part of a broader pensions reform
programme. The Scheme will be a defined contribution trust based
occupational pension scheme under section 1(1) of the Pension Schemes Act
1993 (c.48) and will be a qualifying scheme for auto-enrolment purposes
under the Pensions Act 2008 (“the Act”). It will be run in the best
interests of its members.
The Authority is undertaking a number of procurements for contracts in
relation to establishing the infrastructure for the Scheme.
The NEST Corporation (once established by a commencement order in
accordance with s.75 of the Act), will be the contracting party and
ultimate recipient of the Fund Administration Services.
This procurement relates to Fund Administration Services.
Fund Administration Services will involve the following elements:
(i) the Authority is likely to invest in a range of asset classes
including, but not limited to: equities, bonds, gilts, alternatives,
foreign exchange and derivatives;
(ii) 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 administration services and some auxiliary services.
The requirements will include but will not be 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 funds structure for the
default fund and alternative fund choices,
— calculating the annual management charge,
— processing aggregated cash flows in and out of the various funds,
— cash management,
— FX,
— placing deals with the underlying managers,
— maintaining the general ledger for the funds,
— box management for administration purposes, and
— reporting (including but not limited to statutory, regulatory, and
management information);
(iii) the Authority may require the option to ask the candidate to provide
the following services:
— custody services - 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. The candidate must have the capacity to provide full
global custody services and safe keeping of the Scheme’s assets should
this be required,
— investment risk reporting - to enable the Authority to view and
understand the drivers of investment risk,
— performance attribution - to enable the Authority to understand the
sources of the performance,
— compliance monitoring - to enable the Authority efficiently to detect
and manage violations of investment rules to facilitate risk reduction and
demonstrate industry best practices, and
— performance measurement - to enable the Authority to measure the
performance of funds including the production of fund fact sheets.
Further information about the Authority’s requirements is set out in
Section 5 of the PQQ.
Further information about NEST Corporation is available on the Authority's
website at http://www.padeliveryauthority.org.uk/ or on request from the
Authority (see I.1 for contact details).
II.1.6) Common procurement vocabulary (CPV): 66523100, 66140000,
66133000, 66170000, 66162000.
II.1.7) Contract covered by the Government Procurement Agreement (GPA):
Yes.
II.1.8) Division into lots: No.
II.1.9) Variants will be accepted: Yes.
II.2) QUANTITY OR SCOPE OF THE CONTRACT
II.2.1) Total quantity or scope: See II.1.5.
II.2.2) Options: Yes.
Description of these options: A unilateral option of the Authority to
extend the initial duration of the contract (as specified in section II.3
below) by a period or periods of up to a further 60 months in total.
A unilateral option of the Authority to extend the services to include:
— full global custody services and safe keeping of the Scheme’s assets,
— investment risk reporting,
— performance attribution,
— compliance monitoring, and
— performance measurement.
Such services are not exclusive to the appointed contractor, and the term
for any additional service may not be equal to the remainder of the term
of the contract at the point of call-off.
II.3) DURATION OF THE CONTRACT OR TIME-LIMIT FOR COMPLETION: Duration in
months: 120 (from the award of the contract).
SECTION III: LEGAL, ECONOMIC, FINANCIAL AND TECHNICAL INFORMATION
III.1) CONDITIONS RELATING TO THE CONTRACT
III.1.1) Deposits and guarantees required: The Authority’s particular
requirements will be set out in the invitation to tender documentation and
may include, inter alia, performance bond(s) and/or parent company
guarantee(s) and/or other forms(s) of security.
III.1.2) Main financing conditions and payment arrangements and/or
reference to the relevant provisions regulating them: To be determined.
Further details will be set out in the invitation to tender documentation.
III.1.3) Legal form to be taken by the group of economic operators to
whom the contract is to be awarded: The Authority's particular
requirements are to be determined, but the Authority may require that any
contract awarded shall be entered into by a single legal entity on the
part of the successful candidate.
III.1.4) Other particular conditions to which the performance of the
contract is subject: No.
III.2) CONDITIONS FOR PARTICIPATION
III.2.1) Personal situation of economic operators, including requirements
relating to enrolment on professional or trade registers: Information and
formalities necessary for evaluating if requirements are met: Candidates
will be assessed in accordance with Part 4 of the Public Contracts
Regulations 2006, as amended, (implementing Title II, Chapter VII Section
2 of Directive 2004/18/EC), on the basis of information provided in
response to a pre-qualification questionnaire (“PQQ”).
The completed PQQ must be successfully submitted to the Authority’s
eSourcing portal (https://dwp.bravosolution.co.uk) before the deadline
specified in Section IV.3.4 below.
How to express interest in this tender:
1. Register your company on the eSourcing portal:
— browse to the eSourcing Portal: https://dwp.bravosolution.co.uk and
click the link to register,
— accept the terms and conditions and click “continue”,
— enter your correct business and user details,
— note the username you chose and click “Save” when complete, and
— you will shortly receive an email with your unique password (please keep
this secure).
2. Express an interest in the PQQ/ITTs Open to All Suppliers’ link (these
are the pre-qualification questionnaires or invitations to tender open to
any registered supplier):
— click on the relevant PQQ/ITT to access the content,
— click the “Express Interest” button in the “Actions” box on the
left-hand side of the page,
— this will move the PQQ/ITT into your “My PQQs/My ITTs” page. (This is a
secure area reserved for your projects only), and
— you can now access any attachments by clicking the “Settings and Buyer
Attachments” in the “Actions” box.
3. Responding to the tender:
— you can now choose to “Reply” or “Reject” (please give a reason if
rejecting),
— you can now use the “Messages” function to communicate with the buyer
and seek any clarification,
— note the deadline for completion, then follow the onscreen instructions
to complete the PQQ/ITT,
— there may be a mixture of online and offline actions for you to perform
(there is detailed online help available).
You must then publish your reply using the publish button in the “Actions
“ box on the left-hand side of the page. If you require any further
assistance please consult the online help, or contact the eTendering help
desk.
III.2.2) Economic and financial capacity: Information and formalities
necessary for evaluating if requirements are met: See PQQ.
III.2.3) Technical capacity: Information and formalities necessary for
evaluating if requirements are met:
See PQQ.
III.2.4) Reserved contracts: No.
III.3) CONDITIONS SPECIFIC TO SERVICES CONTRACTS
III.3.1) Execution of the service is reserved to a particular profession:
Yes.
Candidates must be authorised under Financial Services and Markets Act
2000 or equivalent. The execution of the Fund Administration Service is
restricted to institutions that can provide fund accounting services and
global custody services for a range of assets worldwide.
III.3.2) Legal entities should indicate the names and professional
qualifications of the staff responsible for the execution of the service:
Yes.
SECTION IV: PROCEDURE
IV.1) TYPE OF PROCEDURE
IV.1.1) Type of procedure: Restricted.
IV.1.2) Limitations on the number of operators who will be invited to
tender or to participate: Objective criteria for choosing the limited
number of candidates: The Authority intends to invite a minimum of 5
candidates to tender, provided that a sufficient number of suitably
qualified candidates exists, on the basis of the ranking of candidates at
the PQQ evaluation stage at which the criteria referred to in Part 4 of
the Public Contracts Regulations 2006, as amended (implementing articles
45-52 inclusive of Directive 2004/18/EC) will be assessed and marked.
IV.2) AWARD CRITERIA
IV.2.1) Award criteria: The most economically advantageous tender in
terms of the criteria stated in the specifications, in the invitation to
tender or to negotiate or in the descriptive document.
IV.2.2) An electronic auction will be used: No.
IV.3) ADMINISTRATIVE INFORMATION
IV.3.2) Previous publication(s) concerning the same contract: Prior
information notice
Notice number in OJ: 2009/S 240-343440 of 12.12.2009.
IV.3.3) Conditions for obtaining specifications and additional documents
or descriptive document: Payable documents: no.
IV.3.4) Time-limit for receipt of tenders or requests to participate:
17.3.2010 - 13:00.
IV.3.5) Date of dispatch of invitations to tender or to participate to
selected candidates: 23.4.2010.
IV.3.6) Language(s) in which tenders or requests to participate may be
drawn up: English.
SECTION VI: COMPLEMENTARY INFORMATION
VI.1) THIS IS A RECURRENT PROCUREMENT: No.
VI.2) CONTRACT RELATED TO A PROJECT AND/OR PROGRAMME FINANCED BY EU
FUNDS: No.
VI.3) ADDITIONAL INFORMATION: The Authority will conduct the procurement
process until NEST Corporation is established. Any contract awarded will
be entered into by the NEST Corporation.
The Authority expressly reserve the rights for itself and for NEST
Corporation (once established):
(i) not to award any contract as a result of the procurement process
commenced by publication of this notice; and
(ii) to make whatever changes it may see fit to the content and structure
of the tendering competition;
Under no circumstances will the Authority or the NEST Corporation (once
established) be liable for any costs incurred by candidates.
Candidates wishing to express an interest should complete a PQQ which can
be obtained from the Authority’s eSourcing portal:
https://dwp.bravosolution.co.uk and follow the registration procedure.
Variant bid(s) may be requested by the Authority within parameters to be
set out (as applicable) in the invitation to tender documentation.
VI.4) PROCEDURES FOR APPEAL
VI.4.2) Lodging of appeals: Precise information on deadline(s) for
lodging appeals: A minimum 10 calendar day standstill period will be
incorporated into the procurement timetable at the point the information
on the award of the contract is communicated to candidates. This period
allows unsuccessful candidates to receive further debriefing from the
Authority (or the NEST Corporation, as applicable) before the contract is
entered into. Candidates who are unsuccessful shall be informed by the
Authority (or the NEST Corporation, as applicable) as soon as possible
after the decision has been made as to the reasons why the Candidate was
unsuccessful. Should additional information be required it should be
requested of the addressee in section I.1. If an appeal regarding the
award of the contract has not been successfully resolved, the Public
Contracts Regulations 2006 (SI 2006 No. 5) as amended, provide for
aggrieved parties who have been harmed or are at risk of harm by breach of
the rules to take action in the High Court (England, Wales, and Northern
Ireland). Any such action must be brought promptly (generally within 3
months). If a declaration of ineffectiveness is sought, any such action
must be brought within 30 days where the Authority (or the NEST
Corporation, as applicable) has communicated the award of the contract and
a summary of reasons to candidates, or otherwise within 6 months. Where a
contract has not been entered into, the Court may order the setting aside
of the award decision or order the Authority (or the NEST Corporation, as
applicable) to amend any document and may award damages. If the contract
has been entered into the Court may, depending on the circumstances, award
damages, make a declaration of ineffectiveness, order the Authority (or
the NEST Corporation, as applicable) to pay a fine, and/or order that the
duration of the contract be shortened. The purpose of the standstill
period referred to above is to allow the parties to apply to the Courts to
set aside the award decision before the contract is entered into.
VI.5) DATE OF DISPATCH OF THIS NOTICE: 12.2.2010.
Please note that this notice is for your information only.
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