Time Savings Sees Hackney Join Investment Consultancy Services Tender
15 October 2012 (PLANSPONSOREurope.com) – Hackney Council has become the first UK local authority to join an already running tender framework for pension provision.
The body has become the first non-founding member to join the nationwide procurement operation, set up in February, headed by Norfolk County Council.
And the original councils in the framework - Norfolk alongside Cambridgeshire County Council, Northamptonshire County Council, Lincolnshire County Council, Buckingham County Council and Croydon Council - plus Hackney, have now followed up their tender for a pool of actuaries for them all to use, with one for a pool of investment consultants.
And a spokesperson for Hackney Council told PLANSPONSOR Europe the Framework enables the council to undertake procurement in a “comprehensive but cost effective” way by means of conducting a mini competition.
Jo Quarterman, project manager Norfolk Pension Fund, said: “Whilst we are looking for competitive pricing via the framework, the most significant savings for Funds using the framework to call off services are likely to be around the procurement process.”
She claimed timescales for this can be cut from six to nine months to six weeks, while legal costs can be significantly reduced as contract Terms and Conditions are already negotiated.
The Official Journal of the European Union (OJEU) notice will be published in the next few weeks and potential providers can then request the Pre-Qualification Questionnaire (PQQ).
After due diligence, the councils will select appropriate providers to take forward to the Invitation to Tender Stage.