Issue details

Procurement Strategy Actuarial Services

 

 

 

Under The Local Government Pension Scheme Regulations 2013: 62 (1) An administering authority must obtain-

(a)        an actuarial valuation of the assets and liabilities of each of its pension funds as at 31st March 2016 and on 31st March in every third year afterwards;

(b)        a report by an actuary in respect of the valuation; and

(c)        a rates and adjustments certificate prepared by an actuary

 

The Council is the “administering authority” for the Croydon Pension Fund. A fund of Croydon’s size (£1.5bn of assets, 30,000 members and 100 employers) needs to be able to call on actuarial services both to fulfil its statutory duties and to have access to advice on a permanent basis.

 

Decision type: Key

Reason Key: Expenditure > £1,000,000;

Decision status: Abandoned

Notice of proposed decision first published: 18/04/2023

This decision will be taken under urgency procedures.

Reason for urgency:
Waiting 28 days would not allow the tender and contract award to be fully completed before the contract end date in July. A further key decision will be required for the subsequent contract award following the tender.

Financial Impact: Expenditure or savings of up to £5,000,000;

Decision due: Not before 26th Apr 2023 by Cabinet Member for Finance

Lead member: Cabinet Member for Finance

Lead director: Corporate Director of Resources (Section 151)

Department: Resources Directorate

Contact: Matthew Hallett, Pension Fund Investment Manager Email: Matthew.Hallett@croydon.gov.uk.