UK - The Pension Protection Fund (PPF) is seeking a software provider for services enabling the organisation's actuarial team to complete its job.
A tender notice issued by the PPF revealed the new service or software system is needed to allow the actuarial team to complete a number of functions including an actuarial valuation of the PPF's liability to pay compensation to former members of schemes that have entered the PPF, based on a set of deterministic assumptions.
The software is also expected to facilitate the production of a stochastic valuation of the PPF's liabilities and assets, and produce cash flow projections of the compensation to be paid to former members of the scheme that have entered the lifeboat fund.
However, because of the complex nature of the work being conducted the PPF also requires the successful appointee to provide training for the organisation's actuarial staff on how to use the software or access the service.
The initial contract is for a period of three years, although there is the option of a further two-year extension, and the PPF is conducting an "accelerated" search for a provider, as the timeframe for applications is just two weeks.
In the tender notice the PPF justified the fast tender process on the basis that it is a "relatively new operation requiring new systems to meet forecasted requirements".
The search for an actuarial software or service provider follows a recent tender by the organisation for a firm to manage the administration and payroll services including the payment of compensation and general pension administration services. (See earlier IPE.com article: Haringey splits investment and actuarial advice)
Officials at the PPF have previously stated they believe the Pension Protection Fund - whcih was set up as a lifeboat fund for members of collapsed corporate pension schemes - is likely to grow to become one of the UK's 20 largest pension funds within five years.
The closing date for tender submissions for the provision of actuarial software or services is August 8 2008.
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