The Provision of Actuarial Services to Equalise Guaranteed Minimum Pensions (GMP) for Members GMP Implementation Phase III
Pension Protection Fund · London
Key facts
- Contract value
- £200,000
- Awarded
- 11 Jul 2016
- Contract starts
- 18 Jul 2016
- Contract ends
- 18 Jul 2017
- Procedure
- Open procedure
- Buyer type
- Other public body
Awarded to
| Supplier | Value |
|---|---|
| Spence and Partners Ltd | £200,000 |
Description
Actuarial services to equalise guaranteed minimum pensions for Members and the application of a Statutory Minimum. A service to calculate the uplift in benefits (if any), plus any arrears due (where relevant) in respect of GMP equalisation (and the underpin) for the remaining members of the âbackbookâ of the PPF. The backbook comprises members of schemes which transferred to the PPF prior to 1 June 2013 and contracted out via the GMP method. A small number of schemes that transferred after 1 June 2013 that were given permission to transfer before equalising for GMPs are also included in the scope. The following optional services may be provided by the Service Provider upon written agreement by the Parties; Average Approaches, Extra Data Validation, Additional Calculations and Amendments to the Build. Full details of the PPF's requirements are set out in the procurement documentation. Procurement documentation can be accessed here https://ppf.bravosolution.co.uk
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