AFRICAN DEVELOPMENT BANK GROUP
STAFF RETIREMENT PLAN
REF: AFDB/SRPU/RFP/PAAS-2021
REQUEST FOR EXPRESSIONS OF INTEREST
for
PENSION ACTUARIAL ADVISORY SERVICES
- The African Development Bank (“ADB” or “the Bank”) is a multilateral development finance institution, established in 1964 with a mandate to further the economic development and social progress of African countries, individually and collectively. The Bank currently has 54 African member countries regional member countries-RMCs) and 27 non-African member countries (non-RMCs) (https://www.afdb.org/en/about-us/corporate-information/members).
- The Staff Retirement Plan (SRP or the Plan) of the ADB is a “contributory defined benefit (DB)/defined contribution (DC) scheme” where entitlements of members are accrued on the basis of :
- Their final average salary and years of contributory membership in the DB component and ;
- Accumulations of mandatory contributions in the DC component, plus ;
- Accumulations of voluntary contributions in the DC component.
- Interested companies are hereby invited to express their interests in providing Advising Actuary Services to the Staff Retirement Plan (SRP or the Plan) of the ADB.
- If you believe that your company meets our requirements and would like to be considered as a potential candidate, please submit your company details, including the following information.
- Summary page
- Headquarters (country): …………………
- Physical Address……………………………
- Contact person………………………………
_____________________________________________________________________________________________________
African Development Bank, Staff Retirement Plan
- Additional information
Country of Incorporation :
- Indicate experience in providing Actuarial Advice to Pension Scheme of international Organizations (half a page answer) ;
- Experience in providing other actuarial services to International Financial Institutions and large public or private companies (half a page answer).
- The scope of the Actuarial Advisory services includes the following, in addition to other regulatory and contractual responsibilities :
- Reviewing actuarial assumptions and providing professional feedback on actuarial valuations, research and other documents submitted by the Scheme Actuary ;
- Performing experience study of the Plan to gauge the validity and appropriateness of the Plan’s economic and non-economic assumptions ;
- Analyzing the structure and funding mechanism of the SRP ;
- Analyzing potential or proposed benefit reforms, as well as to providing alternative solutions ;
- Providing Asset Liability Modelling and data modelling services ;
- Producing a comprehensive SRP risk matrix, and risk mitigation strategies ;
- Assessment and review of the governance, processes and administrative structure of the Plan and assist in developing the Manual of the Plan ;
- Making inputs to the SRP communication strategy and the content thereof ;
- Updating the SRP of any significant regulatory, legal, or legislative changes with respect to pension and actuarial issues, and
- Any other actuarial services, as needed.
- To be eligible, a Firm must be a national/have its legal status in accordance with the laws of a member country of the African Development Bank (https://www.afdb.org/en/about-us/corporate-information/members) the majority of the beneficiary interest is owned by nationals of member countries of the Bank.
- Please submit your expressions of interest by email using the following address : [email protected], with the reference (REF: AFDB/SRPU/RFP/PAAS-2021) by Friday 22nd January 2021 at 6:00 PM GMT. EOIs shall be ranked by score and up to six successful proponents will be supplied with a Request for Proposal. Only invited candidates will be contacted.
- It is required that all consultants and consulting firms of the Bank be registered in our database of using the following link: https://econsultant.afdb.org:44356/welcomedacon#.
- We look forward to receiving your “Expression of Interest” and thank you for your interest in the African Development Bank and the Staff Retirement Plan.