‘By LGPS Funds, for LGPS Funds’ is the message as the first National LGPS Framework for Actuarial and Benefit Consultancy Services gets ready to launch in July.
The multi-user, multi-provider framework is uniquely open to all LGPS Funds nationally for the procurement of actuarial and benefit consultancy services from a range of qualified providers.
The outcome of collaboration between several LGPS Funds, the framework allows quicker and more efficient access to high quality services. It enables LGPS Funds to leverage better prices while crucially still supporting local decision making and service requirements.
The initiative is directly in line with the Government’s agenda for delivering greater value for money, alongside the reformed Local Government Pension
“This type of co-ordinated approach to delivering better outcomes across the whole LGPS is exactly what we need to achieve real value for money in the future” said Jeff Houston, Head of Pensions at the LGA and LGPS 2014 Project Manager.
The framework has been let by a group of LGPS Funds, including Buckinghamshire, Lincolnshire, Cambridgeshire and Northamptonshire, Croydon and Norfolk. Procurement and legal support has been provided by specialists from Norfolk County Council.
An important principle for the founder Funds is that all LGPS Funds using the framework should benefit equally from the collaboration.
“This isn’t about big Funds versus smaller Funds, or profiteering” said Nicola Mark, Head of the Norfolk Pension Fund, “It’s about delivering something that all Funds can benefit from, making something we all need to do a lot easier, cheaper and faster.”
The framework will be officially unveiled at a London launch event on July 16th, which all interested LGPS Funds are welcome to attend.
The following service providers have been appointed to the framework:
Lot 1 Actuarial Services
Lot 2 Benefit Consultancy Services
Price Waterhouse Coopers