The Pension Protection Fund (PPF) has today announced the appointment of nine specialist firms to a new framework agreement, which will provide administration, actuarial, support and consultancy services to its board.
The announcement marks the conclusion of a three-month procurement process for a framework agreement that consists of two lots.
Lot one is primarily for services to the board where both administration and actuarial services and/or pensions consultancy may be required at the same time, the PPF said.
Lot two is aimed at firms with specialist actuarial capabilities that have experience in either the pensions or insurance industries, where long-term risk modelling is also considered.
”These firms will provide broader but more specified actuarial consultancy services, as part of a pool of suppliers capable of delivering any specific call-off contract we award,” the fund said.
Broadstone Corporate Benefits has been selected for lot one, while Government’s Actuary Department (GAD) and Hymans Robertson will handle lot two.
Additionally, Barnett Waddingham, Deloitte, Mercer, XPS Pensions Consulting, Quattro and Spence & Partners have all been selected for both lots as well.
These businesses will perform a range of tasks including:
- collecting and analysing data;
- providing administration, actuarial and payroll functions;
- giving actuarial advice;
- supporting specialist projects; and
- providing consultancy support and services.
The PPF said the companies will be required to perform all services in line with PPF standards of professionalism and PPF’s ICARE values.
The work is expected to be ‘right first time’ to the board’s satisfaction and in accordance with the framework agreement and call-off contract.