Ref. RFP 2015/104. Invitation to tender. International Retirement Plan. Project Green Climate Fund. 11 May 2015

Transcription

1 Ref. RFP 2015/104 Invitatin t tender Internatinal Retirement Plan Prject Green Climate Fund 11 May 2015

2 Ref. RFP 2015/104 Table f cntents Sectin Page A. Intrductin... 1 B. Cmpletin f this dcument and timescale... 2 C. Backgrund... 3 D. Prvider requirements and assessment... 5

3 R Ref : RFP 2015/104 A. Intrductin Punter Suthall Internatinal (PSI) has been instructed by ur client t review its retirement plan ptins with a view f appinting a prvider if the terms prve attractive t d s. PSI is issuing this tender dcument t a number f ptential prviders and requests yur respnse by (GMT) n 26 May This tender is als advertised internatinally and welcmes prpsals frm ptential prviders. Instructins t Prpsers Please submit an electrnic versin nly f yur respnse and assciated literature t [email protected] r t the Green Climate Fund t [email protected] If yu require additinal infrmatin prir t cmpleting yur respnse, please cntact Tim Davis n r via [email protected]. N respnses received after clse f business n the date abve will be cnsidered. Crrupt, Fraudulent, Cercive, Cllusive and ther Prhibited Practices. The Fund requires that all Fund staff, prpsers/bidders, suppliers, service prviders and any ther persn r entity invlved in Fund-related activities bserve the highest standard f ethics during the prcurement and executin f all cntracts. The Fund may reject any prpsal put frward by prpsers, r where applicable, terminate their cntract, if it is determined that they have engaged in crrupt, fraudulent, cercive, cllusive r ther prhibited practices. Clarificatins and Amendments. At any time befre submissin f prpsals, the Fund may amend the RFP. Any amendment made will be made available n the Fund s website and, if applicable, t all shrt-listed Firms at the same time. Interested prpsers may request clarificatin(s) n any part f the RFP. The request must be sent t the Punter Suthall at the address indicated abve prir t the submissin date. Respnses t a request fr clarificatin will be made available n the Fund s website and, if applicable, t all shrt-listed Firms. Preparatin f the Prpsal. A prpsal shall have tw (2) cmpnents: Technical Prpsal, and Financial Prpsal. The prpsal shall be in English. All reprts, pinins and ther cmmunicatins shall be in English unless agreed therwise fr a specific assignment. The financial prpsal shall express the price fr Services in United States Dllars (USD). Technical Prpsal. The technical prpsal shall prvide the infrmatin requested in D belw using the prpser s preferred prpsal template: 1

4 B. Cmpletin f this dcument and timescale Please cmplete yur respnse as accurately as pssible and attach any relevant dcuments, crssreferencing as apprpriate. The prpsed timetable is as fllws: 26/05/ /05/2015 Cmpleted respnses returned t Punter Suthall Internatinal Prvider review and shrt-listing cmpleted by Punter Suthall Internatinal/the Fund 01/06/ /06/2015 Likely presentatin. 01/07/2015 Likely prvider appintment 29/07/2015 Likely cmmencement date 2

5 C. Backgrund The Green Climate Fund ( the Fund ) was established with the purpse f making a significant and ambitius cntributin t the glbal effrts twards attaining the gals set by the internatinal cmmunity t cmbat climate change. The Fund is gverned and supervised by the Bard and was designated as an perating entity f the financial mechanism f the United Natins Framewrk Cnventin n Climate Change (UNFCCC). Pledges amunting t $10bn frm key cuntries cmmitted t climate change and is estimated t grw in future years. The Fund s headquarters are lcated in Sngd, Inchen City, Republic f Krea. There are currently 33 members f staff with a mixture f internatinal emplyees (25) and lcal hires (8). Emplyee headcunt is expected t grw t c.50 within the next 2 years. The current emplyees represent 14 natinalities, including 3 US Natinals, all wrking frm Sngd. The retirement plan cnstitutes an imprtant benefit that enables the Fund t recruit and maintain high quality prfessinal and supprt staff. Thrugh this request fr prpsals, the Fund is seeking t award, n the basis f a fair, transparent and cmpetitive selectin prcess, a cntract t the successful prvider t ffer an Internatinal Defined Cntributin Retirement Plan. 1. Plan bjectives prvide Plan Members with a flexible and attractive retirement vehicle which benefits frm lng-term stability and fiduciary asset prtectin; sund administrative and infrmatin capability t prmte and maximize retirement savings; enable Plan Members t remtely engage in and manage their retirement funds and mdify their investment strategy; prvide a range f investment ptins and currencies, with pprtunities fr prtected and risk-adjusted returns. 2. Cntributin Structure Cntributins will be mandatry fr all staff and will be a percentage f base salary. The Fund will cntribute 18% f base salary with the emplyee cntributing 9%. 3

6 The initial annual cntributin will be in the regin f $1,075,000 and is estimated t rise t c. $1,350,000 per annum within 2 years Cntributins will be paid n a calendar mnthly basis thrugh ne payrll. Emplyees f the Fund are nt subject t lcal taxatin. 4

7 D. Prvider requirements and assessment 3. Technical Requirements The prpsals will be evaluated using the fllwing technical criteria and will represent 70% f the verall ttal. A prpsal will be rejected if it fails t achieve the minimum technical threshld f 70% f the btainable scre f 70 pints fr the technical prpsal. Platfrm features (15%) Taking int accunt the verall Plan anticipated bjectives and structure, describe the platfrm structure and features, and in particular: Online access t accunts; Security and privacy f the Members data and accunts; Investment ptin switching prcess; Retirement planning tls; Treatment and ptins fr (regular/additinal) cntributins; Risk prfiling and ther investment decisin-supprt tls; Freseen evlutin and penness t new develpments - the chsen prvider will need t be able t demnstrate hw it has develped its capabilities in recent years, and plans fr the future. Administratin and Member services (10%) Taking int accunt the bjectives, describe the administratin and Member services, and in particular: Reprting tls available t the Bard; Tls available t members e.g. attitude t risk questinnaires, pensin prjectin; Platfrm language ptins; Other member and rganisatin supprt; Access t nline management reprting will be required. Access t scheme data is therefre required and prviders shuld cnfirm what infrmatin can be made available (and that necessary DPA issues have been cnsidered). 4. Investment universe (15%) Taking int accunt the bjectives, describe the available investment universe, including: Full investment fund range and in particular lw risk and prtected fund ptins; Cre fund range ptins; Investment strategies (fr example lifestyling); 5

8 Perfrmance and ther available fund infrmatin t supprt investment-decisins capability t accept external investment prducts; Investment ptins at retirement (cntinuatin, annuitizatin). 5. Cmmunicatin, infrmatin and educatin (10%) Describe the cmmunicatin, infrmatin and educatin tls, including: Data and infrmatin disseminatin capabilities (including but nt limited t platfrm and ther Plan Member literature, ecnmic research, market news etc.); Member supprt and existing help-lines. Flexibility ver the issue f scheme infrmatin will be necessary, as dcumentatin will be issued via and PDF. The emplyer expects scheme literature t have gd levels f branding. Please indicate yur branding ptins. PSI may undertake initial cmmunicatin prcess, including presentatins, with prvider supprt. There may be an pprtunity fr the prvider t directly ffer this as well via webinars r ther mediums please indicate yur terms with/withut this capability. 6. Cmpany credentials (10%) The required cmpany infrmatin is as fllws: Cmpany histry and experience (number, types and assets under management f clients in the area f internatinal defined cntributin); Tw recent references t be made available upn request; Cnfirmatin f financial strength; Security f yur systems. 7. Fiduciary Services (10%) With regard t pensin trustee/crprate services, please describe the trustee r alternative structure ptins available including the fllwing: Trust base ptins Name f the Trust cmpany/entity and relatinship t yu Describe the trust jurisdictin and brief summary f regulatry envirnment Describe trust asset prtectin 6

9 8. Financial Prpsal The prpsals will be evaluated using the fllwing financial criteria and will represent 30% f the verall ttal. The financial prpsals will be pened nly fr thse firms/institutins whse technical prpsals meets the technical threshld f 70% f the btainable 70 pints fr the technical prpsal. The lng-listed prviders will itemize the ttal fee n a menu basis and prvide a cmprehensive qute identifying: Fiduciary services (15%) Set up csts Onging cst Any single item csts (e.g. withdrawal and benefit distributin charges) Platfrm (15%) Set-up csts Platfrm perating fees Administratin fees Investment management fees (including a clear descriptin f perfrmance-related fees) Any single item csts (e.g. switch fees, currency exchange charges) In respect f member charges, (a) demnstrate the simplicity and transparency f yur charging structure and (b) cnfirm that within yur insured funds it is pssible t differentiate in the pricing between funds (i) by investment strategy (e.g. active v passive) and (ii) by asset class (e.g. funds nt priced acrss the range s that in-huse cash and bnd nt priced the same as in-huse active funds). Please list the funds and any additinal AMC that applies fr any external fund managers available. The Fund may decide t meet sme f the csts f setting up the Plan as well as nging charges. Please cnfirm that this can be facilitated, and the effect n members charges. Indicate where these terms are dependent upn any additinal cnditins, such as use f internet administratin, a restrictin in the fund chice, etc. 9. Assumptins 1. Assuming regular mnthly cntributins nly 2. N cmmissin payable t adviser 7