Provision of a Master Trust Pension Arrangement and 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 procurement seeks a single provider to offer access to a Master Trust pension arrangement and associated services for Coillte Cuideachta Ghníomhaíochta Ainmnithe, Medite Europe DAC, and Smartply Europe DAC. The objective is to transition existing defined contribution (DC) schemes and AVC plans into a unified Master Trust structure, consolidating administration and governance.

The core activities for the successful provider include:

• Master Trust Provision: Offering access to an authorised Master Trust with a suitable Trustee structure, compliant with all relevant pension legislation and regulatory requirements.
• Transition and Implementation: Managing the migration of three existing DC schemes and one AVC plan from their current single-trust arrangements. This involves data transmission, contribution transfers, and providing consulting services for a seamless transition.
• Investment Management and Governance: Designing, governing, and continuously monitoring default investment strategies. These strategies must align with members' best interests and regulatory expectations, incorporating Environmental, Social, and Governance (ESG) considerations.
• Member Support: Providing excellent communication channels, including online account access, retirement savings details, projections, and investment switching options to enhance member experience.
• Employer Support: Maintaining regular engagement with the participating employers, including the provision of a dedicated day-to-day contact within the consultancy and administration services.
• Administration and Reporting: Delivering high-quality administration services, comprehensive reporting, and ensuring regulatory compliance.
• Governance and Risk Management: Operating within a robust governance framework, providing strong oversight of the Master Trust, and implementing internal policies and controls for operational, investment, cyber, data protection, and conduct risks, including incident response protocols.
• Sustainability Integration: Embedding environmental, social, and ethical considerations into business strategy, service delivery, and stakeholder engagement, with specific requirements for ESG integration within investment arrangements.

The contract is structured for three years with options for three further three-year extensions, potentially totalling twelve years.

3. Background & buyer context

This procurement arises from the Coillte Group's strategic decision to transition from multiple single-trust pension arrangements to a unified Master Trust structure. This move aims to consolidate and streamline pension provision across Coillte Cuideachta Ghníomhaíochta Ainmnithe, Medite Europe DAC, and Smartply Europe DAC. The initiative aligns with a broader trend towards more efficient and robust pension governance within large organisations. As a Commercial Semi-State Body (CSSB), Coillte's transition requires specific Ministerial approval processes, referencing the Code of Practice for the Governance of State Bodies and Department of Public Expenditure, NDP Delivery and Reform Circular 16/2021. The incumbent structure involves separate defined contribution schemes and an AVC plan for each of the three entities.

4. Eligibility & selection criteria

Bidders must meet the following mandatory selection criteria to be considered for evaluation. These are assessed on a Pass/Fail basis.

• Turnover requirement: Not specified for this tender.
• Insurance: Not specified for this tender.
• Certifications: Not specified for this tender.
• Past experience: Not specified for this tender.
• Personnel: Not specified for this tender.
• Geographic / facility constraints: Data associated with this tender must remain inside the EU.

5. Award criteria & scoring

The contract will be awarded based on the most advantageous tender, evaluated against the following criteria:

The qualitative criteria have a minimum pass mark of 40% (2,400 out of 6,000). The scoring methodology for qualitative criteria ranges from "Excellent" (6,000-4,801 points) to "Unacceptable / No Response" (0 points). Cost is evaluated based on a Total Evaluated Annual Cost, with the lowest cost receiving maximum points.

6. Submission requirements

Bidders must submit their proposals electronically via the eTenders portal. The submission must include:

• Completed Response Documents: All appendices, including Appendix 1 (Selection Criteria Response Document), Appendix 2 (Award Criteria Response Document), and Appendix 3 (Price Schedule Response Document), must be completed and submitted in PDF format.
• LCPInsight Submission: Tenderers must ensure their LCPInsight submission is accurate, complete, and up-to-date as of the tender submission deadline. This forms part of the qualitative evaluation.
• Tax Clearance Information: Tenderers must provide their Tax Clearance Access Number and Tax Reference Number for verification.
• Declarations: Not explicitly detailed but implied through the ESPD and general tender requirements.
• Mandatory Site Visit: Not specified for this tender.
• Submission Portal: All submissions must be uploaded to the eTenders portal.

7. Key dates & process

*Presentations are expected for shortlisted candidates.

8. Contract terms that matter

The contract will have an initial duration of three years, with an option for three further three-year extensions, allowing for a total potential term of twelve years. Pricing and Service Level Agreements (SLAs) are expected to be maintained for a minimum of three years. Payment will be made monthly in arrears, with invoices due by the 15th of the subsequent calendar month. The Contracting Authority reserves the right to withhold payment for failure to meet contractual obligations. Pricing tendered will be fixed as a maximum for the lifetime of the contract. Data associated with the tender and contract delivery must remain within the EU.

9. Risks, red flags & unusuals

A significant factor is the requirement for Ministerial approval due to the contracting authority being a Commercial Semi-State Body (CSSB). This process, referencing the Code of Practice for the Governance of State Bodies and specific circulars, adds a layer of complexity and potential delay to contract finalisation and implementation. The tender validity period is extended to eighteen months to accommodate these approval processes. The evaluation includes a due diligence assessment via LCPInsight, which must be kept up-to-date by bidders. The requirement for data to remain within the EU is a standard but important compliance point.

10. SME fit assessment

This tender is structured for established providers of Master Trust pension arrangements. A credible bidder would typically be a large financial services firm or specialist pension consultancy with significant experience in managing multi-employer Master Trusts, robust governance frameworks, and established investment oversight capabilities. Consortium bids are not explicitly prohibited but the scale and complexity suggest a single, well-resourced entity is likely to be the primary target. The bid preparation effort would be substantial, requiring detailed responses across service, cost, and sustainability, alongside the LCPInsight submission. Given the nature of the service and the buyer's context, there is a potential for incumbent providers to have an advantage, though the tender is open to all qualified bidders.

11. Where to dig deeper

• Source RFT Filename: Invitation to Tender Master Trust.docx
• eTenders CFT ID: 8795355
• Contact for Queries: [email protected]
• Key Attachments:
• Appendix 1: Selection Criteria Response Document
• Appendix 2: Award Criteria Response Document
• Appendix 3: Price Schedule Response Document