Actuarial and Benefit Consulting Services
Public Service Pensions Board
INVITATION TO TENDER FOR ACTUARIAL AND BENEFIT
CONSULTING SERVICES TO THE PUBLIC SERVICE PENSIONS BOARD
The Public Service Pensions Board (PSPB) invites the submission of tenders from qualified parties for the provision of Actuarial and Benefit Consulting Services.
Description of Services
The PSPB is seeking to contract for professional actuarial and benefit consulting services to fulfill its duties with respect to the Government sponsored pension plans which consist of the Public Service Pensions, Parliamentary Pensions, Judicial Pension and Ex-Gratia Pension Plans which it administers, in accordance with the Public Service Pensions Law (2011 Revision) and other relevant legislation.
The services are expected to begin effective 1 January, 2013 and will include:
• Funding Valuation of the Fund as required under Section 12 of the Public Service Pensions Law
(2011 Revision) on a tri-annual basis, the first of which is required as of 1 January 2014 for each of the Plans.
• Actuarial and benefit consulting services as needed for ongoing administration activities of the Plans, under the direction of the Managing Director.
• Valuations to be carried out on an annual basis for each Employer to determine the pension expense and liability to be included in their financial statements, in accordance with IAS 19.
• Valuation on an annual basis for the Government to determine the postretirement healthcare expense and liability to be included in their financial statement, in accordance with IAS 19.
Interested firms will need to meet the following eligibility criteria in order to be considered and evaluated:
• Qualified actuaries by examination of the Institute of Actuaries in England, the Faculty of
Actuaries in Scotland, the Societies of Actuaries in the United States of America or the Canadian Institute of Actuaries and are current members in good standing of one of those associations; and
• Experienced with carrying out actuarial valuations and providing benefit consulting for another public sector pension plan and/or medium to large size corporate pension plan.
• Actuarial firm incorporated prior to 1992 and carrying out services as set out above, or employ actuaries with a minimum of 20 years experience providing the services set out above who would be assigned to the PSPB’s account in the event of a successful bid.
Access to Tender Documents
Qualified firms wishing to submit a tender can obtain tender documents by emailing Trevor Gibbs at email@example.com in order to apply. Once a request has been made a tender package will be sent via email within 2 business days. The Tender package will include details of the specific actuarial and benefit consulting services to be carried out.
Question Periods: 20 February, 2013 and 27 February, 2013
Completed applications must be returned in a sealed envelope clearly marked “Actuarial Services Tender PSPB” and returned on or before 12:00 pm on 20 March, 2013 to the following:
The Secretary Central Tenders Committee
Tender Number: CTC/12-13/PSPB/011- Actuarial and Benefit Consulting Services.
3rd Floor, Public Finance • Government Administration Building, P.O. Box 125
133 Elgin Avenue, George Town, Grand Cayman KY1-9000
Tenders submitted after that time will not be opened or considered. The PSPB shall not be bound to accept any of the tenders submitted and will not defray any costs incurred by any applicant and also reserve the right to cancel the tender process at any time prior to contract signing.
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