Supply of Lancashire Pension Fund Custodian Service
Decision Maker: Pension Fund Committee
Decision status: Recommendations approved
Is Key decision?: No
The Head of Fund presented a report on the timelines and award criteria for the procurement of a new custodian services contract for the LGPS as the current contract was due to expire on 31st July 2018. In considering the report the Committee noted that the selection criteria would include both quality of service and price and that the County Councils procurement framework would include consideration of any associated social value.
Resolved: That the County Council's Procurement Service undertake the following procurement processes:
1. Appoint an independent specialist firm via a 3 quote process, to assist the Fund in developing a specification for the custodian services and assist in the evaluation of potential tender responses as a result of the procurement exercise outlined below;
2. Undertake an independent open OJEU compliant procurement exercise to appoint an independent provider of custodian services for 3 years (commencing on 1st April 2018) with an option to extend for any given period up to a maximum of a further 3 years.
Report author: Christopher Ridings
Date of decision: 15/09/2017
Decided at meeting: 15/09/2017 - Pension Fund Committee