Financial analysis software package

Tender description

The Government Actuary's Department is a self-funding UK government department whose costs are met through the fees generated providing actuarial advice to clients on a consultancy basis. The department requires robust valuation software capable of valuing defined benefit pension scheme liabilities for a range of different purposes, for pension schemes with varied and complex benefit structures. The software will become a standard tool for GAD's staff when advising UK pension schemes: thus, it has to provide an efficient and cost effective mechanism to value UK pension benefits (including final salary and career average schemes, with a variety of risk benefits) for the purposes of UK legislation (including the Pensions Act 2004 and associated regulations), in line with UK and international accounting standards and in support of general actuarial advice. The requirement will comprise: a Software Product; Technical support and Maintenance; Training; and Implementation. The Authority anticipates a call for a Restricted Competition with a software presentation/interview stage — final details will be issued in the anticipated Contract Notice.