Transition Management Services for Merseyside Pension Fund

Transition Management Services for Merseyside Pension Fund

Once the Framework Agreement is in place, the Council will conduct a mini-competition exercise between providers whenever it requires transition management services.

United Kingdom-Birkenhead: Pension services

2013/S 182-314132

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

I.1)Name, addresses and contact point(s)

Wirral Borough Council
Corporate Procurement, Municipal Building, Cleveland Street
CH41 6BU Birkenhead
UNITED KINGDOM
E-mail: tenders@wirral.gov.uk

Internet address(es):

General address of the contracting authority: wirral.gov.uk

I.2)Type of the contracting authority

Regional or local authority
I.3)Main activity

General public services
I.4)Contract award on behalf of other contracting authorities

Section II: Object of the contract

II.1)Description
II.1.1)Title attributed to the contract by the contracting authority:

Transition Management Services for Merseyside Pension Fund.
II.1.2)Type of contract and location of works, place of delivery or of performance

Services
Service category No 6: Financial services a) Insurances services b) Banking and investment services
Main site or location of works, place of delivery or of performance: Merseyside.
NUTS code UKD5

II.1.3)Information about a public contract, a framework agreement or a dynamic purchasing system (DPS)

The notice involves the establishment of a framework agreement
II.1.4)Information on framework agreement

Framework agreement with several operators
maximum number of participants to the framework agreement envisaged: 6
Duration of the framework agreement

Duration in years: 4
Estimated total value of purchases for the entire duration of the framework agreement

Estimated value excluding VAT: 800 000 GBP

II.1.5)Short description of the contract or purchase(s)

Over the next 4 years, the Fund will be reviewing various aspects of its investment arrangements, and as a result, expects to potentially make changes to its strategic asset allocation, and also potentially its stable of investment managers. In order to implement this in a timely and orderly fashion, and with a view to containing costs, the Fund wishes to be able to engage specialist transition managers. It is envisioned that such institutions will be of good standing, with proven capability and able to demonstrate ability to work well with the Fund. Once the Framework Agreement is in place, the Council will conduct a mini-competition exercise between providers whenever it requires transition management services.
The Fund invests in a diverse range of assets and with a number of diverse investment managers and therefore different transition managers may be suited for different situations.
For further details of the investment arrangements of Merseyside Pension Fund, please visit our website where the current Statement of Investment Principles and latest published Report & Accounts may be found:
http://mpfmembers.org.uk/investments

II.1.6)Common procurement vocabulary (CPV)

66520000, 66130000, 66141000, 66000000, 66100000

II.1.7)Information about Government Procurement Agreement (GPA)

The contract is covered by the Government Procurement Agreement (GPA): yes
II.1.8)Lots

This contract is divided into lots: no
II.1.9)Information about variants

Variants will be accepted: no
II.2)Quantity or scope of the contract
II.2.1)Total quantity or scope:

Over the next 4 years, the Fund will be reviewing various aspects of its investment arrangements, and as a result, expects to potentially make changes to its strategic asset allocation, and also potentially its stable of investment managers. In order to implement this in a timely and orderly fashion, and with a view to containing costs, the Fund wishes to be able to engage specialist transition managers. It is envisioned that such institutions will be of good standing, with proven capability and able to demonstrate ability to work well with the Fund. Once the Framework Agreement is in place, the Council will conduct a mini-competition exercise between providers whenever it requires transition management services.
The Fund invests in a diverse range of assets and with a number of diverse investment managers and therefore different transition managers may be suited for different situations.
Estimated value excluding VAT: 800 000 GBP
II.2.2)Information about options

Options: no
II.2.3)Information about renewals
II.3)Duration of the contract or time limit for completion

Duration in months: 48 (from the award of the contract)

Section III: Legal, economic, financial and technical information

III.1)Conditions relating to the contract
III.1.1)Deposits and guarantees required:

As per tender document.
III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:

As per tender document.
III.1.3)Legal form to be taken by the group of economic operators to whom the contract is to be awarded:

The Council reserves the right to require groupings of service providers to take a particular legal form or to require a single service provider to take primary liability or to require each party to undertake joint and several liability, if relevant. Further details will be set out in the tender documents.
III.1.4)Other particular conditions

The performance of the contract is subject to particular conditions: yes
Description of particular conditions: Applicants must demonstrate that they are properly authorised to provide custody and associated services for pension fund assets under the Financial Services and Markets Act (2000) and in accordance with the regulations and guidance published by the Financial Conduct Authority or equivalent local regulations, and can reflect such regulation in their proposed contract.
III.2)Conditions for participation
III.2.1)Personal situation of economic operators, including requirements relating to enrolment on professional or trade registers

Information and formalities necessary for evaluating if the requirements are met: Any supplier may be disqualified who:
(a) is bankrupt or is being wound up, where his affairs are being administered by the court, where he has entered into an arrangement with creditors, where he has suspended business activities or is in any analogous situation arising from a similar procedure under national laws and regulations;
(b) is the subject of proceedings for a declaration of bankruptcy, for an order compulsory winding up the administration by the court or of an arrangement with creditors or of any other similar proceedings under national laws and regulations;
(c) has been convicted by a judgment which has the force of res judicata in accordance with the legal provisions of the country of any offence concerning his professional conduct;
(d) has been guilty of grave professional misconduct proven by any means which the contract authorities can demonstrate;
(e) has not fulfilled obligations relating to the payment of social security contributions in accordance with the legal provisions of the country in which he is established or with those of the country of the contracting authority;
(f) has not fulfilled obligations relating to the payment of taxes in accordance with the legal provisions of the country in which he is established or with those of the country of the contracting authority;
(g) is guilty of serious misrepresentation in supplying the information required under this Section or has not supplied such information;
(h) has been the subject of a conviction for participation in a criminal organization, as defined in Article 2(1) of Council Joint Action 98/733/JHA;
(i) has been the subject of a conviction for corruption, as defined in Article 3 of the Council Act of 26 May 1972 and Article 3(1) of Council Joint Action 98/742/JHA3 respectively;
(j)has been the subject of a conviction for fraud within the meaning of Article 1 of the Convention relating to the protection of the financial interests of the European Communities;
(k) has been the subject of a conviction for money laundering, as defined in Article 1 of Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering.
Information and formalities necessary for evaluating if requirements are met:
as per tender document.
III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: (a) appropriate statements from banks or, where appropriate, evidence of relevant professional risk indemnity insurance;
(b) the presentation of balance-sheets or extracts from the balance-sheets, where publication of the balance-sheet is required under the law of the country in which the economic operator is established;
(c) a statement of the undertaking’s overall turnover and, where appropriate , of turnover in the area covered by the contract for a maximum of the last three financial years available, depending on the date on which the undertaking was set up or the economic operator started trading, as far as the information of these turnovers is available.
Information and formalities necessary for evaluating if requirements are met:
— Applicants comply with regulatory requirements relating to the filing of statutory accounts;
— Applicants’ statutory accounts (if any) have received a ‘clean’ audit opinion or, where the audit opinion is qualified, suitable, appropriate and timely action has been taken to deal with the issues raised;

Minimum level(s) of standards possibly required: Applicants’ businesses are financially sustainable, including adequate liquidity, profitability, balance sheet strength and cash flow.
III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
(c) an indication of the technicians or technical bodies involved, whether or not belonging directly to the economic operator’s undertaking, especially those responsible for quality control and, in the case of public works contracts, those upon whom the contractor can call in order to carry out the work;
Information and formalities necessary for evaluating if requirements are met:
as per tender document.
Minimum level(s) of standards possibly required:
As per tender document.
III.2.4)Information about reserved contracts
III.3)Conditions specific to services contracts
III.3.1)Information about a particular profession

Execution of the service is reserved to a particular profession: yes
Reference to the relevant law, regulation or administrative provision: Providers should have an existing transition management business and be regulated by an appropriate financial regulatory body. Providers must satisfy the requirements of the superannuation Act 1972 and the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (as amended).
III.3.2)Staff responsible for the execution of the service

Legal persons should indicate the names and professional qualifications of the staff responsible for the execution of the service: yes

Section IV: Procedure

IV.1)Type of procedure
IV.1.1)Type of procedure

Open
IV.1.2)Limitations on the number of operators who will be invited to tender or to participate
IV.1.3)Reduction of the number of operators during the negotiation or dialogue
IV.2)Award criteria
IV.2.1)Award criteria

The most economically advantageous tender in terms of the criteria stated below

1. Quality of process. Weighting 40

2. Experience and track record. Weighting 30

3. Value for money. Weighting 30

IV.2.2)Information about electronic auction

An electronic auction will be used: no
IV.3)Administrative information
IV.3.1)File reference number attributed by the contracting authority:

NWCE-9BFCAH
IV.3.2)Previous publication(s) concerning the same contract
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document

Time limit for receipt of requests for documents or for accessing documents: 4.11.2013 – 08:00
Payable documents: no
IV.3.4)Time limit for receipt of tenders or requests to participate

4.11.2013 – 12:00
IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates
IV.3.6)Language(s) in which tenders or requests to participate may be drawn up

English.
IV.3.7)Minimum time frame during which the tenderer must maintain the tender

in days: 180 (from the date stated for receipt of tender)
IV.3.8)Conditions for opening of tenders

Date: 4.11.2013 – 12:00

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: yes
Estimated timing for further notices to be published:
VI.2)Information about European Union funds
VI.3)Additional information

Further information relating to this contract can be downloaded from “The Chest” www.the-chest.org.uk.

To take part in any tender exercise and to express an interest in a contract opportunity, you must register on The Chest. On the Opportunities portal home page there is an option to “Register Free” in the top right hand corner of the screen. If your organisation is already a registered user, you should read the supplier guides available on The Chest.
To express your interest in this contract, log on to The Chest and go to “Search Latest Opportunities”. All questions relating to this tender must be raised via the Chest.
If you experience any technical problems using The Chest, please email nwsupport@due-north.com or telephone: 08452930459.

Tenderers are advised to read the ‘Instructions to Tenderers’ document before completing their submission

VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures

Wirral Council
Municipal Building Cleveland Street Birkenhead
CH41 6BU Birkenhead
UNITED KINGDOM

VI.4.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: Wirral Borough Council will incorporate a minimum of 10 calender day standstill
period upon award of the contract.
VI.4.3)Service from which information about the lodging of appeals may be obtained

VI.5)Date of dispatch of this notice:17.9.2013