Actuarial Services in Relation to Pensions

THIS IS NOT A CALL FOR COMPETITION

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.