Pension investment services

Description

Cherwell District Council and South Northamptonshire Council (collectively known as the Authorities) and anyassociate companies and other subsidiaries of the Authorities whether owned jointly or separately and any other wholly or partly owned companies (collectively known as the Companies) are seeking a joint procurement for the Provision of Private Pension Services (the Service') via the Open Procedure. It is the intention that the Contract will be used by any associate Companies and other subsidiaries of the Authorities whether owned jointly or separately and any other wholly or partly owned companies set-up by the Authorities qualifying for a ‘Teckal’. Whilst the Authorities are running this procurement exercise any contractual agreement will be entered into by the Companies and not the Authorities. The Authorities and Companies are seeking to appoint a Group Personal Pension or Master Trust provider to operate a Defined Contribution (‘DC’) pension scheme for all future contributions. The successful Bidder will be determined based on the proposition which best meets the needs of the Authorities and Companies. It is intended that the contract be as flexible as possible and therefore allow new employees to enter the pension scheme as required. The contract should also be flexible in relation to the agreed contribution levels of Employees and Employer and therefore should be able to change as a direct impact of minimum statutory requirement and the needs of the authorities. The current contract that has been awarded is a Group Person Pension but has the capacity to turn into any other Pension Trust as listed in the published criteria. The Contracting Authorities within the scope of this procurement therefore include the following: 1. The Authorities; 2. Any corporation established, or a group of individuals appointed to act together, for the specific purpose of meeting needs in the general interest, not having an industrial or commercial characters, and: a. financed wholly or mainly by another Contracting Authority listed above in this section 1 of this Specification; b. subject to management supervision by another Contracting Authority listed above in this section 1 of this Specification; c. more than half of the board of directors or members of which, or, in the case of a group of individuals, more than half of those individuals, are appointed by another Contracting Authority listed above in this section 1 of this Specification; or d. an association of, or formed by one or more of, the Contracting Authorities listed above in this section 1 of this Specification. 3. The current list of Companies includes, but is not limited to: a. A Services Teckal Company (initially Revenues and Benefits). b. A Trading Company. c. A Housing and Regeneration Company is also being considered. d. Graven Hill Village Development Company. The Value of this OJEU Notice is the total value of the employees' wages over a 12 year period and is not the value that any potential contractor could receive. This information has been calculated looking at the predicted budget for employees by the Authorities.