International payment transfer services

Tender description

The Pension Protection Fund (PPF) has circa 234 000 members, 131 000 of which are in payment. We currently have circa 850 PPF pensioner members in payment who live overseas and request compensation payments to be made to an overseas account. We currently make payments to approx. 75 countries using 40 different currencies, and the total value of what is paid is around 4 100 000 GBP pa (3 700 000 GBP in currency, 400 000 GBP sterling transfer). The Financial Assistance Scheme (FAS) book size currently stands at circa 153,000 members, with circa 60 103 in compensation. We make around 474 monthly overseas payments to members and the total value of what is paid is around 1 400 000 GBP pa. There are currently two providers who we use to make our international payments, and it is our intention, via a competition, to buy the services of one provider to deliver the international payments for both PPF and FAS. This procurement is governed by the Concession Contracts Regulations 2016.