Pension and Actuarial Services

AI-generated analysis of the documents. Check the official notice and any amendments for current submission details.

1. At a glance

2. Scope of Work

The Central Bank of Ireland seeks a contractor to provide comprehensive Pension and Actuarial Services. The contract encompasses a range of activities essential for the management and oversight of the Central Bank's pension schemes. The successful contractor will be responsible for the following activities:

• Actuarial Valuations: Conduct regular actuarial valuations of the pension schemes to assess the financial health and sustainability of the funds.
• Pension Scheme Administration: Manage day-to-day operations of the pension schemes, including member communications, benefit calculations, and payment processing.
• Regulatory Compliance: Ensure all pension schemes comply with relevant legislation and regulations, including reporting requirements to the Central Bank and other regulatory bodies.
• Investment Advice: Provide investment strategy recommendations to optimize the pension fund's returns while managing risk.
• Member Support: Offer support and guidance to scheme members regarding their benefits, options, and any changes to the pension schemes.
• Reporting: Prepare and present regular reports to the Central Bank on the performance of the pension schemes, including financial statements and actuarial reports.
• Data Management: Maintain accurate and up-to-date records of all scheme members and their entitlements.

The contractor must demonstrate expertise in pension management and actuarial science, with a focus on delivering high-quality service to the Central Bank.

3. Background & buyer context

The procurement of Pension and Actuarial Services is part of the Central Bank of Ireland's ongoing commitment to ensure the effective management of its pension schemes. This initiative aligns with the Central Bank's strategic objectives to safeguard monetary and financial stability. The Central Bank has a history of managing pension schemes since their establishment, and this tender aims to enhance the quality and efficiency of these services. The incumbent service provider is not specified in the tender documents.

4. Eligibility & selection criteria

Bidders must meet the following eligibility and selection criteria to be considered for this tender:

• Turnover requirement: Minimum average annual turnover of €200,000 for each of the last three financial years.
• Insurance:
• Public Liability Insurance with a minimum indemnity of €6,500,000.
• Employers’ Liability Insurance with a minimum indemnity of €13,000,000.
• Professional Indemnity Insurance with a minimum indemnity of €10,000,000.
• Cyber Insurance with a minimum indemnity of €5,000,000.
• Certifications: Compliance with relevant standards such as ISO27000 or equivalent information security frameworks.
• Past experience: Evidence of at least three comparable projects completed within the last 36 months.
• Personnel: Key personnel must have a minimum of five years' experience in pension and actuarial services.
• Geographic constraints: Not specified for this tender.

5. Award criteria & scoring

Bids will be evaluated based on the following criteria:

The evaluation will follow a Most Economically Advantageous Tender (MEAT) approach, balancing quality and price. There are no minimum scoring thresholds specified for individual criteria.

6. Submission requirements

Bidders must submit the following documents as part of their tender:

• Method statement: A detailed response document following the provided template, with a maximum of 20 pages.
• CVs: Curriculum Vitae for key personnel, limited to 2 pages each.
• Pricing schedule: Completed using the specified template.
• Case studies: Three relevant case studies demonstrating past experience, with values ranging from €100,000 to €500,000.
• Declarations: Include ESPD, Bona Fides, Tax clearance, and Conflict of Interest declarations.
• Mandatory site visit: Not applicable for this tender.
• Submission portal: Tenders must be submitted via the electronic tenderbox on www.etenders.gov.ie, adhering to specified format rules.

7. Key dates & process

8. Contract terms that matter

The contract will have a duration of 36 months, with the possibility of a 36-month extension. Key terms include:

• Payment terms: Payments will be made upon receipt of invoices, subject to satisfactory performance.
• Key SLAs/KPIs: Specific service level agreements and key performance indicators will be defined in the contract.
• Liquidated damages: Penalties may apply for failure to meet agreed service levels.
• Termination clauses: The Central Bank reserves the right to terminate the contract with appropriate notice.
• IP ownership: All intellectual property generated during the contract will belong to the Central Bank.
• Sub-contracting rules: Sub-contracting is permitted but must be disclosed and approved by the Central Bank.

9. Risks, red flags & unusuals

Potential concerns for bidders include:

• Turnover requirement: The minimum turnover requirement of €200,000 may limit participation from smaller firms.
• Insurance levels: High insurance requirements could pose a barrier for some bidders.
• Limited negotiation scope: The Central Bank will not negotiate terms post-submission, which may restrict flexibility for bidders.
• No incumbent specified: The lack of information about the current service provider may create uncertainty regarding competition.

10. SME fit assessment

Small and medium-sized enterprises (SMEs) considering this tender should note:

• Credible bidders: Firms with experience in pension and actuarial services, capable of meeting high insurance and turnover requirements, can credibly bid.
• Consortium or sub-contracting: Allowed, but must be disclosed and approved.
• Indicative bid-prep effort: Approximately 10-15 days to prepare a compliant tender.
• Pwin signal: The absence of a specified incumbent may create an opportunity for new entrants, but the high insurance and turnover requirements may favor established firms.

11. Where to dig deeper

• Source RFT filename: ITT - Pension and Actuarial Services - Final 13.05.26.pdf
• eTenders CFT ID: Not specified
• Contact email: Not specified
• Important attachments:
• Appendix 1A — Requirements and Specifications
• Appendix 3 — Pricing Schedule
• Appendix 4 — Contract