Contract to Provide Audit Services to the Operator and Fund of an Authorised Contractual Scheme

There are thirty three local authority pension funds in London which are part of the Local Government Pension Scheme (LGPS), a national scheme administered on a local basis.

Currently, the thirty three funds (32 London boroughs and the City of London Corporation) each manage their pension investments independently. In the future, the administering authorities have decided to collaborate on the management and investment of their pension fund assets to deliver efficiencies, economies of scale and improvement in operations.

The most appropriate vehicle for creating numerous benefits, whilst retaining local accountability and decisions making by the individual funds is the proposed Collective Investment Vehicle (CIV), structured as an Authorised Contractual Scheme (ACS) with an authorised ACS Operator and fund.

London CIV has outsourced it's fund services and is now looking for audit services to both the ACS Operating Company and the ACS Fund. This tender is looking for proposals from suitably qualified candidates. Any contract resulting from this ITT would be for the financial years 2015/16 and 2016/17. This tender is for two separate contracts: the first for an FCA-authorised Fund audit and the second for the audit of an FCA authorised ACS Operator. Both contracts will be awarded to the successful bidder.