Audit Services for Local Government Pension Scheme
The strategic objectives of LCIV are to deliver cost savings, provide a broader range of investment opportunities.
United Kingdom-London: Business services: law, marketing, consulting, recruitment, printing and security
2019/S 139-342554
Contract notice
Services
Directive 2014/24/EU
Section I: Contracting authority
I.1)Name and addresses
4th Floor, 22 Lavington Street
London
SE1 0NZ
United Kingdom
Contact person: Modely Rungen
Telephone: +44 2080369000
E-mail: modely.rungen@londonciv.org.uk
NUTS code: UK
I.2)Information about joint procurement
I.3)Communication
I.4)Type of the contracting authority
I.5)Main activity
Section II: Object
II.1.1)Title:
Audit Services to LCIV, an FCA Authorised Firm, and Funds Managed by It
II.1.2)Main CPV code
II.1.3)Type of contract
II.1.4)Short description:
London LGPS CIV Ltd (‘London CIV’ or ‘LCIV’) is a Local Government Pension Scheme (LGPS) pool responsible for pooling the investments of 32 London Local Authority (LLAs) pension funds, formed to significantly reduce costs while delivering enhanced overall investment performance. The strategic objectives of LCIV are to deliver cost savings, provide a broader range of investment opportunities, provide transparency and providing improved investment outcomes.
London CIV was authorised as an Alternative Investment Fund Manager (AIFM) and had 8 700 000 000 GBP of assets under management as of 31.5.2019. London CIV’s scope of regulatory permissions have been expanded to operate unauthorised Alternative Investment Funds (AIFs). Work is underway to expand the current fund offering to include alternative investments. In support of these strategic objectives, London CIV is seeking to appoint an independent auditor.
II.1.5)Estimated total value
II.1.6)Information about lots
II.2.2)Additional CPV code(s)
II.2.3)Place of performance
II.2.4)Description of the procurement:
Specific audit services required will include, but will not be limited to:
— planning, management and providing an audit opinion on each annual report and financial statements prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006, Investment Association SORP or other applicable financial reporting and regulatory framework,
— reporting to management, the Compliance, Audit and Risk (CARCO) Committee and the Board including attendance at meetings as appropriate,
— CASS assurance work, we do not currently hold any client money or assets so this is negative assurance, but this could change in the future,
— rates clearances on fund audits prior to year-end distribution payment.
The contract will be for 5 years with a break clause at year 3. The successful bidder will be expected to demonstrate that they can provide high quality statutory independent audit services.
II.2.5)Award criteria
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
The Authority can take an option to break the contract at the end of 36 months.
II.2.10)Information about variants
II.2.11)Information about options
II.2.13)Information about European Union funds
Section III: Legal, economic, financial and technical information
III.2.2)Contract performance conditions:
Potential service providers will be assessed on the basis of the information provided in response to an invitation to tender.
III.2.3)Information about staff responsible for the performance of the contract
Section IV: Procedure
IV.1.1)Type of procedure
IV.1.8)Information about the Government Procurement Agreement (GPA)
IV.2.2)Time limit for receipt of tenders or requests to participate
IV.2.4)Languages in which tenders or requests to participate may be submitted:
IV.2.6)Minimum time frame during which the tenderer must maintain the tender
IV.2.7)Conditions for opening of tenders
Section VI: Complementary information
VI.1)Information about recurrence
60.
VI.4.1)Review body
4th Floor, 22 Lavington Street
London
SE1 0NZ
United Kingdom
VI.4.2)Body responsible for mediation procedures
London
WC1A 2LL
United Kingdom
VI.4.3)Review procedure
OJEU procedures include a minimum 10 calendar days standstill period at the point information on the award of the contract is communicated to bidders. This period allows unsuccessful bidders to seek further debriefing from the Contracting Authority before the contract is entered into. If an appeal regarding the award of a contract has not been successfully resolved the Public Contracts Regulations 2015 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 Ireland). Any such action must be brought promptly.
VI.4.4)Service from which information about the review procedure may be obtained
4th Floor, 22 Lavington Street
London
SE1 0NZ
United Kingdom
VI.5)Date of dispatch of this notice: