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Actuarial Services in Relation to Pensions
AI Summary
The Bank of England is conducting a soft market test to explore the future procurement of actuarial services, with the intention of issuing formal tenders in February 2026 should the engagement yield a positive outcome. The exercise, aimed at gathering information and gauging market interest, will conclude with a supplier engagement session on 3 February 2026 and a response window that closes on 30 January 2026. It is explicitly not a competitive call for bids and will not result in any contract award at this stage.
The subject of the forthcoming award would be comprehensive actuarial support for the Bank’s pension obligations. The services cover year‑end accounts calculations and disclosures, pension cost forecasting for budgetary purposes, ad‑hoc analysis, and private medical insurance costing and advice. The provider will be required to deliver triennial valuations, annual interim valuations and facilitate the Bank’s interactions with the Pension Fund Trustees and their actuarial advisers throughout the valuation process and in planning future fund contributions.
The supplier must be able to conduct triennial and annual interim valuations and support the Bank in its interactions with Pension Fund Trustees and their actuarial advisers.
Description
The Bank of England is considering commissioning an Actuarial Service. It is anticipated, dependent upon an engagement exercise, that tenders for this service would be issued in February 2026, to enable a new contract to begin from January 2027.
As part of the tender process, the Bank is undertaking a soft market test. This gives potential providers and other stakeholders the opportunity to express their interests and feed in their views about the potential service model and specification principles. The Bank will use the information to appraise options and further develop the specification.
Suppliers are further invited to attend an online supplier engagement session on 3 February 2026 at 11am. Interested parties are to register their interest at Corporate.Contracts@bankofengland.co.uk by 30 January 2026 with a subject line: Actuarial Service In Relation To Pensions (PME) .
This process does not constitute a formal tender or other competitive bidding process and will not result in the letting of a Contract. The Bank is using this process solely to test the market to gather information and ascertain the level of interest in this particular service. There are therefore no formal criteria which we will use to judge your responses, and it is not our intention to provide any feedback.
About the service
Actuarial Services to be provided to the Bank of England on its Year End Accounts calculations and disclosures, pension costs forecasting for budgetary purposes, ad-hoc analysis and Private Medical Insurance costing and advice.
The supplier will be required to provide Triennial valuations, annual interim valuations. They will be required to support the Bank in its interactions with the Pension Fund Trustees and their actuarial advisers through the valuation process and the approach to future fund contributions.
Interested suppliers are requested to register for free on the Bank's e-procurement portal Proactis:
https://supplierlive.proactisp2p.com/Account/Login
Upon registration, the Request For Information Questionnaire can be found under the following project: RFX REQ/1000376 - Actuarial Service In Relation To Pensions (PME).
Please note that the contract value included in this Notice is estimated and does not act as a commitment of spend by the Bank. During the life of the contract, the Bank is looking to tender for, it would only be required to pay for the services it uses.
Contract location: UK
Engagement process description
A Soft Market Test questionnaire will be issued and the response window closes 30 January 2026 at 12 noon.
Suppliers are further invited to attend an online supplier engagement session on 3 February 2026 at 11am. Interested parties are to register their interest at Corporate.Contracts@bankofengland.co.uk by 12 noon 30 January 2026.
Lot: 1
This contract is subject to renewal: Yes
Languages in which tenders or requests to participate may be submitted: En