Actuarial Consultancy Services in relation to Pensions

The Bank is looking to conduct an open tender procedure in 2023 for the re-tender of its Actuarial Consultancy Services contract and is planning to tender for a 5-year contract (with an option to extend for up to an additional 5 years).

The services to be provided will include performing the Bank's annual IAS19 valuations together with the associated disclosures for the Bank's annual report and accounts, advising the Bank in its discussions with the Pension Fund Trustees and their actuarial advisers during the triennial valuation for the Fund and during all other significant engagements with the Trustees and providing other general advice to the Bank on Pension related matters as required.

The services will also include providing the cost for each of the Bank's CARE pension accrual rates, the flex rates and the opt out rates based on the Pension Fund's investment strategy.

This PIN is intended to obtain expressions of interest from market suppliers in relation to the described services. The Bank would like to invite interested suppliers to respond to a market sounding questionnaire to assess suppliers' capability, capacity and appetite to deliver the services required by the Bank.

In order to register your interest for this opportunity, and participate in the market sounding questionnaire exercise, please access the relevant materials via the Bank's eTendering portal (Proactis):

https://supplierlive.proactisp2p.com/Account/Login

Please note that the contract value included in this PIN is estimated and does not act as a commitment of spend by the Bank. During the life of the contract, the Bank is looking to tender for, it would only be required to pay for the services it uses.