Norfolk County Council (as administering authority of the Norfolk Pension Fund) on its own behalf and on behalf of the authorities listed in this notice wish to let a multi-provider framework agreement for the provision of Actuarial Services, Governance and Administration Support and Consultancy Services.
Actuarial services including but not limited to:
Actuarial calculations and modelling
Providing information and advice
Working with stakeholders
Reviewing processes, structures and policies
Supporting projects and provision of services
Benefits Consultancy Services including but not limited to:
Providing information and advice
Working with stakeholders
Reviewing processes, structures and policies
Supporting projects and provision of services
Governance Consultancy Services including but not limited to:
Providing information and advice
Working with stakeholders
Reviewing processes, structures and policies
Supporting projects and provision of services
Funding Risk Advisory Services including but not limited to:
Advice on the integration of investment and funding strategy (along with covenant if applicable) e.g. funding level, by employer type, cashflow profile etc. Asset/Liability modelling to support any recommendations, with potential changes to strategy and rationale.
Advice, detailed covenant analysis and general support in assessing covenant risk and proactive engagement with employers in financial difficulties
Advice on risk budgets (in terms of ultimate objectives e.g. contributions tolerance) and flexing these as funding levels evolve.
Development of monitoring metrics and tools to track progress and keep stakeholders informed of progress against strategic objectives (mindful of risk parameters).
Provision and/or interpretation of scenario-based analysis aligned to possible risks and their outcomes.
Development of tools/frameworks to facilitate discussion with stakeholders on strategy change e.g. employer paths from entry to exit.
Advice and support on policy development and principles for use of ancillary risk management tools.
Discrete pieces of specialist, pensions-related work including, but not limited to:
LGPS asset management restructuring ("asset pooling")
Change management
Project management
Regulatory and best practice compliance reviews (including, but not limited to, compliance with MHCLG and The Pensions Regulator requirements)
Data Quality, Validation Audits and improvement support
Support for bulk exercises e.g. trivial commutation data cleansing, frozen refund tracing
AVC Reviews and Advice
Employer covenant analysis and funding policy implications where appropriate
Pensions taxation advice, including support on annual and lifetime allowance calculations
Reviews and guidance on structures and their effectiveness