Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
Pension Protection Fund
Renaissance, 12 Dingwall Road
Croydon
CR0 2NA
UK
Telephone: +44 8456002541
E-mail: commercialservices@ppf.co.uk
NUTS: UKI62
Internet address(es)
Main address: https://www.ppf.co.uk
Address of the buyer profile: https://ppf.bravosolution.co.uk/web/login.html
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
Economic and financial affairs
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
Economic Scenario Model
II.1.2) Main CPV code
48000000
II.1.3) Type of contract
Supplies
II.1.4) Short description
The Pension Protection Fund (PPF) awarded a contract for an Economic Scenario Model (ESM) in accordance with the Public Contracts Regulations 2015 under the Open Procedure.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
1 115 410.02
GBP
II.2) Description
II.2.2) Additional CPV code(s)
65000000
II.2.3) Place of performance
NUTS code:
UKI62
II.2.4) Description of the procurement
The PPF procured a licence and associated services for an Economic Scenario Model (ESM) for use in assumption-generation for a range of medium and long-term modelling. The solution provides a real-world calibration of an appropriate timeframe, including outputs for a sufficiently broad range of asset classes given the investment strategy of the PPF and the pension schemes it protects. The outputs also facilitate the projection of the liabilities of the PPF and those of the pension schemes it protects.
II.2.5) Award criteria
Quality criterion: Technical
/ Weighting: 85
Price
/ Weighting:
15
II.2.11) Information about options
Options:
No
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
No
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Open procedure
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
No
IV.2) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2021/S 000-007777
Section V: Award of contract
Contract No: ecm_2960
Title: Economic Scenario Model
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
15/02/2022
V.2.2) Information about tenders
Number of tenders received: 6
Number of tenders received from SMEs: 1
Number of tenders received from tenderers from EU Member States: 1
Number of tenders received from tenderers from non-EU Member States: 1
Number of tenders received by electronic means: 6
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
Ortec Finance Ltd
Tower Bridge House, St Katharine's Way
London
E1W 1DD
UK
NUTS: UKI4
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 1 115 410.02
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
The contract awarded is for an initial duration of 60 months, with options to extend for up to three further 12 month terms. If the extensions are all exercised the total contract duration will be 96 months. If all extensions are executed the total final value is estimated to be £1,115,410.02 + VAT.
The PPF is a continuously developing business within a changing market and it is envisaged that there will be a future requirement for further components, modules or packages within the economic scenario model solution, including bespoke developments within the system which are reserved for the PPF's use only. It is fully envisaged that these components and modules will be developed over the life of the contract not only to reflect changes in the market, but also the PPF's strategy, including, but not limited to, changes in approach to the amount of business retained or brought in-house, the nature and size of the PPF's assets and liabilities and the PPF's approach to risk and return. This may require additional components and modules not currently listed, or development of the services themselves or existing services provided to the PPF which support or are supported by these services. It is further envisaged that additional software, including licences, may need to be developed to enhance the services, to increase efficiency and streamline the services, to increase the availability of the services in line with changes in the market, anticipated changes to the PPF's strategy over the life of the contract and changes in the nature and size of the PPF's assets and liabilities or to develop other services that support or are supported by these services. These additional services, systems, software and licences may result in price revision of the original contract and/or may significantly increase the fees paid in relation to these services over the life of the contract. The PPF makes no guarantee as to the nature and extent of such additional services, systems, software or licences. Note that the contract value stated above is the estimated value of the contract assuming all extension options are taken but does not include the cost of all potential additional services, systems, software and licences.
VI.4) Procedures for review
VI.4.1) Review body
Pension Protection Fund
Croydon
UK
VI.5) Date of dispatch of this notice
10/03/2022