Transition Management Services – Local Government Pension Scheme

Transition Management Services – Local Government Pension Scheme

Norfolk County Council, on its own behalf and on behalf of Bedford Borough Council, Carmarthenshire, Derbyshire and Suffolk County Councils, Brunel Pensions Partnership and the London CIV,  wishes to let a multi-lot, multi-provider Framework agreement for the provision of Transition Management Services.

United Kingdom-Norwich: Pension services

2017/S 172-352565

Contract notice

Services

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

Norfolk County Council
Floor 3, County Hall, Martineau Lane
Norwich
NR1 2DH
United Kingdom
Contact person: Julie Ward
E-mail: sourcingteam@norfolk.gov.uk
NUTS code: UKH15
Internet address(es):Main address: www.norfolk.gov.ukAddress of the buyer profile: https://in-tendhost.co.uk/norfolkcc/aspx/Home

I.1)Name and addresses

Bedford Borough Council
Borough Hall, Cauldwell Street
Bedford
MK42 9AP
United Kingdom
E-mail: pensions@bedford.gov.uk
NUTS code: UKH24Internet address(es):Main address: www.bedford.gov.ukAddress of the buyer profile: https://in-tendhost.co.uk/norfolkcc/aspx/Home

I.1)Name and addresses

Derbyshire County Council
County Hall
Matlock
DE4 3AG
United Kingdom
E-mail: pensions@derbyshire.gov.uk
NUTS code: UKF1
Internet address(es):Main address: www.derbyshire.gov.ukAddress of the buyer profile: https://in-tendhost.co.uk/norfolkcc/aspx/Home

I.1)Name and addresses

Carmarthenshire County Councils
County Hall, Camarthenshire
Camarthen
SA31 1JP
United Kingdom
E-mail: pensions@carmarthenshire.gov.uk
NUTS code: UKL
Internet address(es):Main address: www.camarthenshire.gov.walesAddress of the buyer profile: https://in-tendhost.co.uk/norfolkcc/aspx/Home

I.1)Name and addresses

Suffolk County Council
Endeavour House, 8 Russell Road
Ipswich
IP1 2BX
United Kingdom
E-mail: pensions@suffolk.gov.uk
NUTS code: UKH14
Internet address(es):Main address: www.suffolk.gov.ukAddress of the buyer profile: https://in-tendhost.co.uk/norfolkcc/aspx/Home

I.1)Name and addresses

Brunel Pensions Partnership Ltd
101 Victoria Street
Bristol
BS1 6PU
United Kingdom
E-mail: BPP.Project@brunel.org
NUTS code: UKK
Internet address(es):Main address: www.brunelpensionpartnership.orgAddress of the buyer profile: https://in-tendhost.co.uk/norfolkcc/aspx/Home

I.1)Name and addresses

The London CIV
59½ Southwark Street
London
SE1 0AL
United Kingdom
E-mail: pensionsCIV@londonciv.org.uk
NUTS code: UKI
Internet address(es):Main address: https://londonciv.org.ukAddress of the buyer profile: https://in-tendhost.co.uk/norfolkcc/aspx/Home

I.2)Joint procurement

The contract involves joint procurement

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: https://in-tendhost.co.uk/norfolkcc/aspx/Home
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be submitted electronically via: https://in-tendhost.co.uk/norfolkcc/aspx/Home
Tenders or requests to participate must be submitted to the abovementioned address

I.4)Type of the contracting authority

Regional or local authority

I.5)Main activity

General public services

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

A multi-lot, multi-provider framework agreement for the provision of Transition Management Services primarily in support of the Local Government Pension Scheme (LGPS).

Reference number: NCCT41279

II.1.2)Main CPV code

66520000

II.1.3)Type of contract

Services

II.1.4)Short description:

Norfolk County Council, on its own behalf and on behalf of Bedford Borough Council, Carmarthenshire, Derbyshire and Suffolk County Councils, Brunel Pensions Partnership and the London CIV, (the ‘Founding Authorities’) wishes to let a multi-lot, multi-provider framework agreement for the provision of Transition Management Services primarily in support of the Local Government Pension Scheme (LGPS).

II.1.5)Estimated total value

Value excluding VAT: 40 000 000.00 GBP

II.1.6)Information about lots

This contract is divided into lots: yes
Tenders may be submitted for all lots
II.2)Description

II.2.1)Title:

Transition Management and Implementation Services

Lot No: 1

II.2.2)Additional CPV code(s)

66141000
66520000
66522000
66523000
66131100

II.2.3)Place of performance

NUTS code: UK
Main site or place of performance:

United Kingdom.

II.2.4)Description of the procurement:

To provide a wide range of services in relation to Transition and Implementation Services, including but not limited to:

— Provision of strategic transition planning advice to clients including where economies of scale might best be obtained, risk minimised and returns maintained or enhanced during transition;

— Provision of transition risk analysis and risk management advice;

— Provision of project management support throughout the transition process;

— Provision of transition management services to a new manager with the same destination portfolio (e.g. UK active equity to UK active equity) across a range of asset types;

— Provision of transition management services to a new manager with a different end mandate (e.g. passive UK equity to global active equity mandate) across a range of asset types, including the ability to manage and or arrange the execution of equities and fixed Income assets, and the ability to instruct execution and/or payments on behalf of the client;

— Provision of interim portfolio management (for up to six months) where changes need to be made at short notice where the target portfolio is not yet known, available for new clients or ready to launch;

— The provision of temporary custody where required;

— Provision of cost-effective foreign exchange management during the transition of overseas assets, including forex hedging and netting where possible/applicable;

— Provision of assistance in minimising the effects of performance drag from holding cash (for the purposes of managing expenses, cash flows and collateral) during transition through the smart management of cash over a prolonged period;

— Provision of assistance in the management of cost-effective, high quality execution of transition-related trades through the monitoring/delivery of trading activity;

— Provision of detailed, transparent transition cost information and, where required, attribution between pool participants;

— Ability to identify cross-pool efficiency opportunities and willingness to co-operate across LGPS pools as required;

— Attendance at meetings as required by clients.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 20 000 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 48
This contract is subject to renewal: no

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

Contracts awarded under the framework may have a maximum total duration of 7 years (5 years with a maximum 2 year extension). No contract awarded from the framework will be permitted to extend beyond 16.11.2028 and must be awarded during the term of the Framework.

Maximum of 5 providers to be appointed to this lot on the framework.

No guarantee of business is given.

II.2)Description

II.2.1)Title:

Transition Execution Services

Lot No: 2

II.2.2)Additional CPV code(s)

66520000
66522000
66523000
66131100
66141000

II.2.3)Place of performance

NUTS code: UK
Main site or place of performance:

United Kingdom.

II.2.4)Description of the procurement:

To provide a wide range of services in relation to Transition Management Services, including but not limited to:

— Provision of transition management services to a new manager with the same destination portfolio (e.g. UK active equity to UK active equity);

— Provision of transition management services to a new manager with a different end mandate (e.g. passive UK equity to global active equity mandate), including the ability to manage and or arrange the execution of equities and fixed Income assets, and the ability to instruct execution and/or payments on behalf of the client;

— Provision of interim portfolio management where changes need to be made at short notice where the target portfolio is not yet known, available for new clients or ready to launch;

— Provision of cost-effective foreign exchange management during the transition of overseas assets, including forex hedging and netting where possible/applicable;

— Provision of assistance in minimising the effects of performance drag from holding cash (for the purposes of managing expenses, cash flows and collateral) during transition through the smart management of cash;

— Provision of assistance in the management of cost-effective, high quality execution of transition-related trades through the delivery of trading activity;

— Provision of detailed, transparent transition cost information and, where required, attribution between pool participants;

— Attendance at meetings as required by clients.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 16 000 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 48
This contract is subject to renewal: no

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

Contracts awarded under the framework may have a maximum total duration of 7 years (5 years with a maximum 2 year extension). No contract awarded from the framework will be permitted to extend beyond 16.11.2028 and must be awarded during the term of the Framework.

Maximum of 8 providers to be appointed to this lot on the framework.

No guarantee of business is given.

II.2)Description

II.2.1)Title:

Transition Management Advisory Services

Lot No: 3

II.2.2)Additional CPV code(s)

66523000
66520000
66522000
66131100
66141000

II.2.3)Place of performance

NUTS code: UK
Main site or place of performance:

United Kingdom.

II.2.4)Description of the procurement:

To provide a wide range of services in relation to Transition Management Advisory Services, including but not limited to:

— Provision of assistance in the management of cost-effective, high quality execution of transition-related trades through the selection of ‘best fit’ transition managers and monitoring of trading activity;

— Providing assistance to clients in establishing the appropriate governance and monitoring structure for a transition programme;

— Provision of strategic transition planning advice to clients including where economies of scale might best be obtained, risk minimised and returns maintained or enhanced during transition;

— Provision of transition risk analysis and risk management advice;

— Provision of project management support throughout the transition process;

— Provision of in-house support during transition management activities;

— Provision of detailed, transparent transition cost and transition outcome reporting information and, where required, attribution of cost between pool participants;

— The ability to undertake independent post transition reviews on behalf of clients, and, where required, represent the client in any required follow-up action;

— Ability to identify cross-pool efficiency opportunities and willingness to co-operate across LGPS pools as required;

— Attendance at meetings as required by clients.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 4 000 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 48
This contract is subject to renewal: no

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

Contracts awarded under the framework may have a maximum total duration of 7 years (5 years with a maximum 2 year extension). No contract awarded from the framework will be permitted to extend beyond 16 November 2028 and must be awarded during the term of the Framework.

Maximum of 10 providers to be appointed to this lot of the framework.

No guarantee of business is given.

Section III: Legal, economic, financial and technical information

III.1)Conditions for participation

III.1.1)Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers

List and brief description of conditions:

As described in the Invitation to Tender and associated documents.

III.1.2)Economic and financial standing

Selection criteria as stated in the procurement documents

III.1.3)Technical and professional ability

Selection criteria as stated in the procurement documents
III.1.5)Information about reserved contracts
III.2)Conditions related to the contract
III.2.1)Information about a particular profession

III.2.2)Contract performance conditions:

As described in the Invitation to Tender and associated documents.

III.2.3)Information about staff responsible for the performance of the contract

Section IV: Procedure

IV.1)Description

IV.1.1)Type of procedure

Open procedure

IV.1.3)Information about a framework agreement or a dynamic purchasing system

The procurement involves the establishment of a framework agreement
Framework agreement with several operators
Envisaged maximum number of participants to the framework agreement: 23
IV.1.4)Information about reduction of the number of solutions or tenders during negotiation or dialogue
IV.1.6)Information about electronic auction

IV.1.8)Information about the Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: no
IV.2)Administrative information

IV.2.1)Previous publication concerning this procedure

Notice number in the OJ S: 2017/S 074-142153

IV.2.2)Time limit for receipt of tenders or requests to participate

Date: 09/10/2017
Local time: 14:00
IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates

IV.2.4)Languages in which tenders or requests to participate may be submitted:

English

IV.2.6)Minimum time frame during which the tenderer must maintain the tender

Duration in months: 3 (from the date stated for receipt of tender)

IV.2.7)Conditions for opening of tenders

Date: 09/10/2017
Local time: 14:00

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: no
VI.2)Information about electronic workflows

VI.3)Additional information:

The framework agreement is being let by Norfolk County Council as the contracting authority, and can be used by:

— Norfolk County Council and its agents

— Any successor body to the Council including any company formed by the Council to carry out its National LGPS Frameworks functions

— Any organisation the Council outsources its National LGPS Frameworks requirements to

— Any public body with which the Council enters into pooling arrangements for the provision of its National LGPS Frameworks services.

The Council is working closely with the following organisations, who have expressed an intention to procure services under the framework (including itself):

— Bedford Borough Council,

— Derbyshire County Council,

— Carmarthenshire County Council,

— Suffolk County Council,

— Brunel Pensions Partnership Ltd,

— The London CIV.

In addition to those listed above, the framework may also be used by:

— any LGPS administering authorities and any of their participating employing authorities as defined in the Local Government Pension Scheme Regulations 2013 SI2013 No.2356 (as amended) and the Local Government Pension Scheme (Administration) (Scotland) Regulations 2008 as amended by SSI 2011/349;

— the Committee (the NILGOSC) and employing authorities as defined in the Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 / SRNI 2009/33;

— the Board of the Pension Protection Fund http://www.pensionprotectionfund.org.uk ;

— any other administering authority or organisation of a public sector pension scheme or any public sector body that requires pensions related services; and

— any Common Asset Pool or Collective Investment Vehicle established by or on behalf of an administering authority or group of administering authorities; any Local Government Pension Fund(s) or groups of Pension Funds; or any bodies, organisations or companies established by them for the purpose of operating on a collective basis.

VI.4)Procedures for review

VI.4.1)Review body

Norfolk County Council
Norwich
United Kingdom

VI.4.2)Body responsible for mediation procedures

Norfolk County Council
Norwich
United Kingdom

VI.4.3)Review procedure

Precise information on deadline(s) for review procedures:

The Public Contracts Regulations 2015 (as amended) provide for aggrieved parties who have been harmed or are at risk of harm by a breach of the rules to take action in the High Court (England, Wales and Northern EN Standard form 02 — Contract notice 12 / 19 Ireland). Proceedings must be brought within 30 days from the date of knowledge (the date on which the economic operator first knew or ought to have known that grounds for starting the proceedings had arisen) unless the Court considers that there is good reason for extending the period within which proceedings may be brought, in which case the Court may extend that period up to a maximum of 3 months from the date of knowledge.

VI.4.4)Service from which information about the review procedure may be obtained

Norfolk County Council
Norwich
United Kingdom

VI.5)Date of dispatch of this notice:

06/09/2017

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