Pension services

Tender description

The purpose of this Tender is to procure contracts for the Brunel Pension Partnership Pension Funds (the Clients) listed in this OJEU notice and a company to be jointly owned by the Clients (the Company, and, together with the Clients, BPP). The successful bidder will be required to enter into the following contracts: One Administrator Services contract with the Company. Ten Custody contracts with each of the Clients individually. The contract with the Company for the Administrator Services will be the master agreement for the entire BPP relationship. More information on the services to be provided under these contracts can be found in the Tender Documents. This procurement is being managed through the Environment Agency's online procurement portal, Bravo. In July 2015, the government announced in its Budget that they wanted the 89 Local Government Pension Schemes (LGPS) to pool their investments. In response to this agenda, Project BPP was set up to explore the options for pooling investment assets across ten LGPS across the South and Southwest UK. The founding pension scheme Clients are The Environment Agency Pension Fund, of which there are two constituent Local Government pension schemes, and the Avon, Buckinghamshire, Cornwall, Devon, Dorset, Gloucestershire, Oxfordshire, Somerset and Wiltshire local government pension schemes. Project BPP will create an FCA regulated entity (the Company) which will manage the investments of the 11 underlying Clients. The assets under their management will total approximately £25 billion. At the time of this tender the Company is not yet operational. The Company will be incorporated as a private limited company registered in England and Wales under the joint ownership of the Clients prior to the Custodian and Administrator Services contracts being awarded. The purpose of this Tender is to procure the following contracts for the Clients listed in this OJEU notice and the Company: one Administrator Services contract with the Company; and ten Custody contracts with each of the Clients individually. The contract with the Company for the Administration services will be the master agreement for the entire BPP relationship. The term of the Administration Services contract will be for an initial period of 5 years. After the initial period the Company will have the option to extend for three years and then a further two years, resulting in a maximum contract term of 10 years. The Custody Services contracts will have different contract start dates in line with transition, (more details are available in the Tender Document) but will have the same contract end date as the Administration Services contract. More information on the services that are required to be provided under these two forms of contract can be found in the Tender Documents. All contracts will be awarded to one successful bidder. This procurement is being managed through the Environment Agency's online procurement portal, Bravo.