Pension investment services

Tender description

Cherwell District Council and South Northamptonshire Council (collectively known as the Authorities) and any associate companies and other subsidiaries of the Authorities whether owned jointly or separately and any other wholly or partly owned companies (collectively known as the Companies) are seeking a joint procurement for The Provision of Private Pension Services (the Service’) via the Open Procedure, whereby all those expressing an interest are requested to provide a full tender submission, in accordance with this Invitation to Tender pack It is the intention that the Contract will be used by any associate Companies and other subsidiaries of the Authorities whether owned jointly or separately and any other wholly or partly owned companies set-up by the Authorities qualifying for a 'Teckal'. Whilst the Authorities are running this procurement exercise any contractual agreement will be entered into by the Companies and not the Authorities. In order to continue to deliver the best services for residents the Authorities have created a new operating model. One the characteristics of the operating model is the delivery of services through Council owned Companies, such as but not limited to Teckal Companies. The Companies will contain staff that have been TUPE’d from the Authorities as well as a number of new employees, the indicative number is indicated further on in this specification. The new employees will join the private sector pensions scheme and the TUPE’d staff will have the option to opt into the scheme at any time. These Companies will have far better flexibilities for selling their services to other public sector bodies. The Companies will also benefit from a different reward and recognition scheme that will be unique from that of the Authorities. In order to finance these rewards and recognitions it is the intention that any new staff employed by the Companies will be subject to a private pension scheme with the option of to opt in by TUPE’d staff from the Authorities. This will allow the Companies to provide a higher level of incentives to staff that mirror those offered by the private sector. The Companies intend to enter into a contract for a period of 5 years with the option to extend at the sole discretion of the Companies by a further 7 years with the option, purely at the discretion of the Companies to extend the contract by up to 7 years in annual increments (5+1+1+1+1+1+1+1). Therefore a contract of 12 years could be entered into. Each Company will enter into a contract of their own. In order to participate in this Procurement exercise you will need to register, download the relevant documents and submit them before the submission deadline. These documents can be found at the tender portal: https://in-tendhost.co.uk/cherwellandsouthnorthants/aspx/Home