Skip to main content

Investment Management Consultancy Services Framework

This third iteration of the National LGPS Framework for Investment Management Consultancy Services was expanded to enable Cost Monitoring and Reporting services to also be procured. The Framework offers the LGPS community a quick and efficient route to market for a wide range of investment services.


The Investment Management Consultancy Services Framework is available for Further Competition and Direct Award until 31st October 2026. Contracts awarded under the Framework may be let up for a maximum contract length of seven years and up to 31st October 2033 at the latest. Please remember if you are using a Framework, your contract award must be completed by the expiry date of the Framework (although contracts let under the Framework can be for longer periods).


The Framework is split across 4 Lots:

  • Lot 1 - Investment Consultancy Services
  • Lot 2 - Manager/Fund Search, Selection, Monitoring and Review Services
  • Lot 3 - Investment Management Consultancy Related Specialist Services
  • Lot 4 - Investment Management Cost Monitoring and Reporting Services

There are 9 providers on the Framework split across the 4 Lots:

Aon Investments Limited
Apex Investment Advisory
Barnett Waddingham LLP
CEM Benchmarking UK Ltd
Hymans Robertson LLP
Mercer Limited


As part of the user documentation, a Specification of Requirements is provided. In order to be appointed, the Providers have met the quality thresholds for this Framework and have demonstrated they have the right expertise to provide the services detailed within this Specification of Requirements.

While each Provider successfully passed a minimum quality threshold, they are not all the same. It is important that you focus clearly on what your organisation requires to ensure the Further Competition helps you select the most appropriate Provider. The Guidance documentation gives you more detail on how to complete your Specification of Requirements and the other supporting documentation required for your Further Competition.

Procurement can take significant time and money both for the awarding Authority and the Service Provider. The National LGPS Frameworks are fully compliant with the Public Contracts Regulations 2015. It reduces the time and costs associated with the procurement process by offering a facility that has already been competitively tendered. It aims to deliver access at the best possible price to high-quality, efficient and effective Legal Services Providers. Benefits include:

  • Shortened timescales
  • Reduced procurement and legal costs
  • Robust and transparent process with high level of due diligence and specialist support
  • Agreed Terms and Conditions of contract with providers
  • Enable access to specialist providers whose experience and quality has been tested
  • Comprehensive user documentation and support from Frameworks team
  • Provider ceiling prices established
  • Possibility to benefit from cumulative rebates

The Framework may be used by:

  • Any LGPS administering authorities as defined in the Local Government Pension Scheme Regulations 2013 (SI 2013/2356) (as amended) including the Firefighters’ Pension Scheme and Police pension schemes and any of their participating employing Authorities, or in relation to the LGPS in Scotland, any Administering Authority and any of their scheme employers as defined in the Local Government Pension Scheme (Scotland) Regulations 2018 (SSI 2018/141) (as amended);
  • NILGOSC in Northern Ireland and Employing Authorities as defined in the Local Government Pension Scheme Regulations (Northern Ireland) 2014 SRNI/188 (as amended);
  • The Board of the Pension Protection Fund (
  •  Any other Administering Authority or organisation of a public sector pension scheme or any public sector body or that requires pension related services;
  • Any common Asset Pool or Collective Investment Vehicle established by or on behalf of an Administering Authority or group of Administering Authorities; or any bodies, organisations or companies established by them for the purpose of operating on a collective basis.

Yes, you can Direct Award from Lot 3 & Lot 4.

Yes, as long as these are in areas within the overall scope, any additional requirements can be added to the Specification of Requirements. You may want to request that Providers give specific examples in the questions you ask.

Service Providers are not ranked within the Framework. All Service Providers appointed to the Framework are deemed capable, and therefore should be treated in the same way. The Framework would not oblige you to use any specific Service Provider. If you wished to make an appointment under the Framework you would undertake a Further Competition.

Additional Resources

Access to Framework Documents - Investment Management Consultancy

This page provides key details on how to access all the documentation for the Investment Management Consultancy Services Framework.

Additional Documents

This page provides the Specification of Requirements for the Investment Consultancy Services Framework, Sample Members Access Agreement and Sample Annex A.