Salary Sacrifice Cost Framework for additional voluntary contributions (SSAVCs)

Concepts

• salary sacrifice additional voluntary contribution
• portsmouth
• insurance and pensions
• salary sacrifice cost framework
• additional voluntary contributions
• ssavc
• portsmouth city council
• banking and investment
• local authorities
• uk public sector organisations

Location

In setting up the Framework, the Council will be acting as a Central Purchasing Body under regulation 37 PCR 2015 as the Framework will also be open for access by other UK Public Sector Organisations which include UK Public Sector Bodies, including Central Government, Local Authorities, Health, Police, Fire and Rescue, Education and Devolved Administrations

Description

Portsmouth City Council ('the council') is seeking to establish a single supplier Framework agreement for the provision of a Salary Sacrifice Additional Voluntary Contribution (AVC) scheme. The Framework will also be open for access by other UK Public Sector Organisations which include UK Public Sector Bodies, including Central Government, Local Authorities, Health, Police, Fire and Rescue, Education and Devolved Administrations. Portsmouth City Council introduced the first Salary Sacrifice Additional Voluntary Contribution (SSAVC) in the UK and currently delivers the service in house. The Authority are now looking for a framework to be established to enable the service to be delivered by an external provider. SSAVCs are currently available to employers with Local Government Pension Scheme (LGPS) and NHS Pension Scheme members (this may be expanded to other organisations at a later date), and it is an employer's decision whether they implement a scheme. The key advantages are that SSAVC members can achieve significant growth figures on their savings whilst at the same time the employer also makes savings. A full list of Authorities able to access the agreement can be found in appendix 1 of the tender documents. In setting up the Framework, the Council does not guarantee that any call-offs contracts will be awarded once the Framework is procured, that no form of exclusivity will be created and provides no guarantee of volume of work from either itself of other contracting authorities.

Total Quantity or Scope

The following is a summary of the requirements, for all information and full details please refer to the Specification given in Schedule 1 of the Framework Terms. The Supplier shall provide a service that includes but is not limited to the following: • Advice and guidance for Salary Sacrifice Additional Voluntary Contributions; • Employee engagement and communication across the workforce; • Integrated payroll reporting; • Automated application and amendment processing; • Seamless processes with investment providers; • Onsite employee presentations; • Interactive employee Webinars promoting all aspects of Financial Wellbeing; • Individual one-to-one sessions for employees to receive guidance from experts; • Provision of a web chat service and telephone helplines to support employees; • Calculators to provide employees with retirement impacts and scenarios • Full compliance with HMRC guidelines and Employment law; • Information Security and Audit Trails Optional Services The following "Optional Services" shall also be made available to Participating Authorities for further information refer to the Specification given in schedule 1 of the Framework Terms: • Standard Additional Voluntary Contributions • Investment Advice • Additional Financial Services

CPV Codes

• 66500000 - Insurance and pension services
• 66100000 - Banking and investment services
• 66520000 - Pension services

Indicators

• Bids should cover the whole contract.
• This is a recurring contract.
• Renewals are not available.
• Award on basis of price and quality.

Other Information

In setting up the Framework, the Council will be acting as a Central Purchasing Body under regulation 37 PCR 2015 as the Framework will also be open for access by other UK Public Sector Organisations which include UK Public Sector Bodies, including Central Government, Local Authorities, Health, Police, Fire and Rescue, Education and Devolved Administrations. A full list of Authorities able to access the agreement can be found in appendix 1 of the procurement documents. The anticipated potential value of services that could be provided via this Framework has been estimated to be £35,640,000, however, no guarantee or commitment as to the initial and future value of any work arising from this Framework can be given.