Request for Expression of Interest (EOI) for Consulting Services to Undertake a Study on Funding/Minimum Contributions Rate and Income Replacement Adequacy for the Defined Benefit and Defined Contribution Schemes

PENSIONS AND INSURANCE AUTHORITY 

REQUEST FOR EXPRESSION OF INTEREST

Ref: PIA/CN/007/2020 

REQUEST FOR EXPRESSION OF INTEREST (EOI) FOR CONSULTING SERVICES TO UNDERTAKE A STUDY ON FUNDING/MINIMUM CONTRIBUTIONS RATE AND INCOME REPLACEMENT ADEQUACY FOR THE DEFINED BENEFIT AND DEFINED CONTRIBUTION SCHEMES.

1.0 BACKGROUND

The Pensions and Insurance Authority, in its 2020 budget, has made a provision towards the cost of engaging firms to conduct various consulting services and intends to apply part of the proceeds for this provision to cover eligible payments under the contract for provision of actuarial consultancy to undertake a study on funding/minimum contributions rate and income replacement adequacy for the defined benefit and defined contribution schemes respectively.

The Authority is hereby calling for Expressions of Interest for provision of said consultancy services.

2.0 OBJECTIVE OF THE ASSIGNMENT

The objective of the study is to enhance understanding of the subject matter and inform policy formulation on funding levels and minimum contribution rate for the defined benefit and defined contribution schemes.

3.0 DELIVERABLES FOR THE ASSIGNMENT

The Consultant will be expected to submit a report which will include recommendations comprising of funding/minimum contribution rate, income replacement adequacy, minimum contribution period, last age of entry, expenses and minimum return contribution.

4.0 EXPERIENCE OF THE FIRM AND STAFF

The Authority invites eligible Consultant(s) with requisite expertise to undertake a study on funding/minimum contributions rate and income replacement adequacy for the defined benefit and defined contribution schemes respectively. The Consultant(s) should demonstrate high knowledge and skill in areas that constitute or cover the areas detailed above and must provide the following information:

Relevant experience and role of firm’s professional staff in reference to the proposed assignment:

1. Have a qualified team of key staff with Minimum of 10 years’ experience in the financial sector. Experience in conducting research in the financial sector with at least five years in the pensions industry.
2. Lead Consultant should be a Fellow of Institute and Faculty of Actuaries, Society of Actuaries, Actuarial Society of South Africa or equivalent.

Describe experience of professional staff relevant to the proposed assignment. All the proposed key members of staff must have experience in conducting research in the financial sector.

Relevant experience of the firm that best fit with proposed assignment

Core area of expertise of the firm must be described.

Firm to list relevant experiences related to this assignment during the last 5 years. Summary of similar assignments executed successfully in the immediate past 3 years focusing on brief descriptions of assignments and experience. Consultants must provide a list of companies for which the vendor has completed projects that are essentially equivalent to this EOI indicating the following;

1. Project title;
2. Implementing Institution;
3. Duration; and
4. Address.

International experience is a must.

4.0 OTHER SHORTLISTING REQUIREMENTS

All interested Consultants must submit the following documents as part of their EOI for their firm:

1. Certificate of Incorporation/Registration;
2. Company Profile
3. Valid Tax Clearance Certificate
4. Registration with relevant institutions.

5.0 PROCUREMENT METHOD

Open National Selection: A Consultant once issued with the Request for Proposal will be selected using Quality Based Selection (QCBS) Procurement Method.

6.0 DETAILS FOR SUBMISSION OF EXPRESSION OF INTEREST

Expressions of Interest clearly marked “EXPRESSION OF INTEREST (EOI) FOR CONSULTING SERVICES TO UNDERTAKE A STUDY ON FUNDING/MINIMUM CONTRIBUTIONS RATE AND INCOME REPLACEMENT ADEQUACY FOR THE DEFINED BENEFIT AND DEFINED CONTRIBUTION SCHEMES” must be deposited in the Tender Box situated on the Ground floor, PIA office Building, Stand No. 4618, Lubwa Road, Rhodespark, Lusaka on or before Thursday 16^th July, 2020 at 10:30hrs. Late or faxed Expressions of Interest shall be rejected. EOI will be opened thereafter in the presence of bidders or their representatives who choose to attend.

Secretary

Management Procurement Committee

FOR/REGISTRAR AND CEO