Pensions Valuation Software

Tender description

The Government Actuary's Department (GAD) is a non-ministerial department and Arm's Length Body of His Majesty's Treasury. GAD provides actuarial solutions, including financial risk analysis, modelling and advice, to support the UK public sector. GAD works with a wide range of government departments, public bodies and other organisations, providing impartial actuarial expertise to assist effective decision-making and management of financial risk. GAD is undertaking preliminary market engagement in relation to an actuarial valuation software solution. GAD currently utilises a third-party software platform to support the delivery of actuarial valuation, modelling and pension scheme analysis services across a range of public sector clients. The existing contract runs to February 2028, and GAD is commencing early market engagement to better understand available solutions, market capability, implementation approaches and emerging innovations. The Authority is interested in engaging with suppliers that can provide an off-the-shelf software solution and associated services capable of supporting actuarial valuation and modelling activities, including (but not limited to): • Pension scheme valuation calculations and analysis, covering: Active, Deferred and Pensioner members, Open to future accrual, Final Salary & Career Average Revalued Earnings • Cashflow and funding modelling • Asset Liability Modelling • Scenario testing and sensitivity analysis • Data import, validation and management • Reporting and audit trail functionality • Appropriate security, resilience and support arrangements • Transition, implementation and user training services. • Data migration and exit capability from incumbent systems. The purpose of this engagement is to: • Understand the current supplier landscape. • Inform the development of requirements and the procurement strategy. • Identify opportunities for innovation and improved functionality. • Better understand implementation, migration and transition considerations. • Assess approach to future valuation systems including available commercial models and contracting approaches. Participation in this engagement will not confer any advantage or disadvantage in any future procurement process.