Contract to Provide Support Services the Operator of an Authorised Contractual Scheme

Description

Across London there are thirty three local authority pension funds which are part of the Local Government Pension Scheme (LGPS), a national scheme administered on a local basis. The LGPS funds are governed by the Superannuation Act 1972 and are administered in accordance with the following secondary legislation: • the LGPS Regulations 2013 • the LGPS (Management and Investment of Funds) Regulations 2009 Currently the thirty three funds (32 London boroughs and the City of London Corporation) each manage their pension investments independently. In the future, the administering authorities have decided to collaborate on the management and investment of their pension fund assets to deliver efficiencies, economies of scale and improvement in operations. The most appropriate vehicle for creating numerous benefits, whilst retaining local accountability and decisions making by the individual funds is the proposed Collective Investment Vehicle (CIV), structured as an Authorised Contractual Scheme (ACS) with an authorised ACS Operator (‘the Operator’, London LGPS CIV Ltd.) and fund London Councils is seeking the provision of supporting services to the Operator in its role as the FCA regulated body responsible for the ACS Fund for a period of 12 months from the start of service delivery. The CIV is still in its implementation phase and at this point it is not possible to be precise about when service delivery is likely to begin, but in broad terms we expect it to be in the autumn of 2015. However, it is anticipated that the successful candidate will wish to be involved in the implementation phase prior to the start of service delivery.