Pension investment services

Tender description

Lancashire County Council (LCC) is inviting tenders for the provision of independent property valuation services for the Lancashire County Pension Fund (LCPF) property portfolio. LCC wishes to establish this contract as accessible for use by the London Pensions Fund Authority (LPFA). As such, where the successful Tenderer's capacity and capability permits, LCC will expect the successful Tenderer, when approached, to be willing to contract with LPFA for the provision tendered for herein, on the same terms and conditions herein and prices agreed as a result of this procurement process. Lancashire County Council (LCC) is inviting tenders for the provision of independent property valuation services for the Lancashire County Pension Fund (LCPF) property portfolio. LCC wishes to establish this contract as accessible for use by the London Pensions Fund Authority (LPFA). As such, where the successful Tenderer's capacity and capability permits, LCC will expect the successful Tenderer, when approached, to be willing to contract with LPFA for the provision tendered for herein, on the same terms and conditions herein and prices agreed as a result of this procurement process. Lancashire County Pension Fund (LCPF), London Pensions Fund Authority (LPFA) and Local Pensions Partnership (LPP): LCPF and LPFA are Local Government Pension Schemes (LGPS). LCC is the administrating authority for the LCPF and has a duty to ensure that business is conducted in accordance with the law and proper standards, and that public money is safeguarded and properly accounted for, and used economically, efficiently and effectively. LCPF and LPFA have pooled their assets to achieve better net investment returns. The pooled assets are managed by LPP, which is now an FCA registered asset manager. LPP is jointly owned by LCPF and LPFA and is staffed by the former investment and administration teams of LCPF and LPFA. Both LCPF and LPFA have direct property investment portfolios which require independent annual valuation. For stamp duty tax reasons, the direct property portfolios of LCPF and LPFA will remain for the time being in the names of the original parties, LCPF and LPFA, although they are managed by the same staff and external Investment Manager. A full specification of requirements is contained within the tender documentation.