Published date: 21 February 2023

Last edited date: 22 March 2023

This notice was replaced on 4 August 2023

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 4 August 2023)

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Contract summary

Industry

  • Pension services - 66520000

  • Data services - 72300000

Location of contract

EC2Y 5AS

Value of contract

£30,000 to £39,000

Procurement reference

FRC2023-018

Published date

21 February 2023

Closing date

28 March 2023

Closing time

5pm

Contract start date

1 May 2023

Contract end date

30 April 2026

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

THE FRC
The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them.

BACKGROUND
• Since 6 April 2003 money purchase pension arrangements have been required to provide members with Statutory Money Purchase Illustrations ("SMPIs"). These illustrations are governed by the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 as amended. Legislation requires that statutory illustrations are produced in accordance with guidance prepared by a prescribed body approved by the Secretary of State for Work and Pensions ("DWP") and by the Department for Social Development in Northern Ireland.
• The FRC has been the prescribed body since 6 April 2007 and fulfils its obligations through the publication of Actuarial Standard Technical Memorandum 1: Statutory Money Purchase Illustrations ("AS TM1"). AS TM1 specifies the assumptions and methods to be used in the calculation of statutory illustrations of money purchase pensions, also known as defined contribution ("DC") pensions.
• In particular, AS TM1 sets out the prescribed approach for the accumulation rates which providers must use to determine how much the member's current pension pot will grow between now and their retirement. The FRC reviews AS TM1 regularly and will require market data to support this analysis.

OUR REQUIREMENT
• The FRC requires, on an ongoing basis, a source of data for relevant fund returns. Our requirement is ongoing subscription with a well-established data provider which can provide the data we required for this work, namely:
o Monthly return data for UK pension funds - i.e. the % change between the price (on a consistent basis) between the first day (or most recent available pricing date before this) and last day of the month (or most recent available pricing date before this).
o At least 500 (ideally more) distinct currently active funds, with a reasonable representation of different asset allocations that exist in the market
o Dating back to at least January 1990.
o Data should be available as soon as possible after reporting date, ideally within 4 weeks. For example, the monthly return for 31 January 2023 should be available for download by 28 February 2023.
o Data should be available for download anytime for use in Excel (with reasonable maintenance blackout period). If a reduced tariff for reduced frequency of access to data is offered, we would be interested to know.
o Data should be accessible virtually.
o Facility to query data (with defined SLA) where anomalies or data gaps are identified
o Unique identifiers per fund must be included
o Ideally including identifiers for the asset types included in the fund

PLEASE SEE ATTACHED ITT FOR FULL REQUIREMENT

More information

Attachments

Additional text

Notes:-

• Download and review the documents

• Observe the timelines and tender process. THE DEADLINE HAS MOVED FROM 24/03/23 TO BEFORE 5.00PM ON 28/03/2023

• Register your interest in this opportunity by email to procurement@frc.org.uk

• You will need to register your interest to receive the Q&A document.

• We propose an initial contract term of three years. The estimated value in this notice covers a three year contract. The FRC reserves the right to further extend after the Initial Term.

About the buyer

Contact name

Head of Procurement

Address

8Th Floor,125 London Wall
LONDON
EC2Y5AS
England

Telephone

020 7492 2300

Email

procurement@frc.org.uk

Website

https://www.frc.org.uk