Pension Fund: Investment Consultancy

The Authority has a contract with Hymans Robertson for the provision of Investment Consultancy Services since 10 July 2018 that is expiring on 9 July 2025 let via LGPS Investment Management Consultancy Services Framework . The average annual spend over this period was £250833.00 (Ex VAT). The Authority intends to direct award a 12 month contract to the current supplier. The Authority is direct awarding to the current supplier as using a different supplier during the middle of the valuation would disrupt continuity and potentially increase costs due to duplication of existing work that has already started, therefore this is the only supplier that can continue with this. The significant changes being proposed by the Government, which need to be implemented by March 2026, do not allow time for a new suppler to gain sufficient depth of knowledge and/or understanding about the Isle of Wight Pension Fund. The Government's proposed timetables for introducing change, with in-principle decisions to be made by September 2025 by the Fund, regarding the Fund's partner investment pool company, also do not allow time to on-board any new supplier and ensure continuity of services.