SPS 2822 RBG Pension Fund Actuarial Services

The actuary is responsible for providing actuarial advice to the fund as well as producing reports for employers and producing the triennial valuation. All LGPS funds are required to procure actuarial services.

The main duties may include but are not limited to:

• Completing the triennial valuation
• Preparing the funding strategy statement
• Completing asset liability studies
• Preparing new employer bond and contribution reports
• Preparing annual accounting reports for employers
• Providing actuarial advice to employers

The current actuarial contract ends on 07/02/25 with no further options to extend. Therefore this procurement needs to be undertaken now to prevent the Pension Fund being out of contract. We propose the use of a framework in this instance to reduce time and costs for this exercise, as well as making use of best practice procurement.

If the procurement does not go ahead, the fund would be out of contract and so technically would not have an actuary. We would either stay with our current actuary but would be out of contract with no agreed fees or would have no actuary, which would be against the stautory requirements of LGPS funds. It is a requirement under Section 13 of the Public Pensions Act 2013 for LGPS funds to have a triennial valuation every 3 years, which is undertaken by an actuary.

3 extension option(s) available, 0 taken; up to 36 months in total