An English council will soon launch the latest national framework agreement for local authority pension schemes (LGPS), with plans to tender for actuarial and consultancy services.
Overseen by Norfolk County Council, the administering authority behind the national LGPS framework, the tender will act as a multi-provider framework for actuarial and consultancy services, as well as governance and administration support.
Norfolk plans to broaden the framework to include all possible future configurations for the LGPS, noting that it could be used by any common or collective investment vehicle established by administering authorities as part of the government’s plans to pool pension assets in England and Wales.
The framework, despite its being backed by seven English local authority funds, including Norfolk, will also be compatible for use by the Scottish LGPS and the Northern Ireland Local Government Officers Superannuation Scheme.
Details of the four-year framework have yet to be finalised.
Norfolk is asking interested parties to register their interest for a concept viability day to be held in London on 25 January.
The council held a similar concept viability day for an earlier environmental, social and governance framework, which was built on the previous work by Norfolk and others in designing national agreements for legal advice, custody and investment consultancy services.
Norfolk last year said the procurement exercises had resulted in cumulative savings of £16m (€21.8m) and that some of the income generated by the project would be used to hire a dedicated procurement officer.
In November, it was announced that the vacancy would be filled by Nigel Keogh, who until recently was pensions technical manager at the Chartered Institute of Public Finance and Accountancy.