DEMANDE D’EXPRESSION D’INTÉRÊTS RÉGIME DE RETRAITE SERVICES ACTUAIRES, CÔTE D’IVOIRE

AFRICAN DEVELOPMENT BANK GROUP

STAFF RETIREMENT PLAN

REF: AFDB/SRPU/RFP/PSAS2021

REQUEST FOR EXPRESSIONS OF INTEREST

PENSION SCHEME ACTUARY SERVICES

1. 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) ;

2. 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.

3. Interested companies are hereby invited to express their interests for the provision of Actuary Services to the Staff Retirement Plan (SRP or the Plan) of the ADB ;

4. 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 ;

5. Summary page :

• Company Name……………………………

• Headquarters (country): …………………

• Physical Address……………………………

• Contact person………………………………

• Email……………………………………

_____________________________________________________________________________________________________

African Development Bank, Staff Retirement Plan

6. Additional information

Country of Incorporation : 

• Indicate experience in providing Pension Scheme Actuarial Services to international pensions (half a page answer) ; 

• Experience in providing other actuarial services to International Financial Institutions and large public or private companies (half a page answer). 

7. The scope of the Scheme Actuary Services includes the following, in addition to other regulatory and contractual responsibilities :

1. Prepare, submit and discuss assumptions for the valuations of the Plan;

2. Compute IAS-19, Funding Valuations and Discontinuance Valuations of the Plan on a regular basis ;

3. Present and interact with the Plan Administrator and Committees of the Pension Plan on valuations results and other pension issues ;

4. Perform experience study of the Plan to gauge the validity and appropriateness of the Plan’s economic, non-economic and demographic assumptions ;

5. Produce a comprehensive SRP risk matrix, to help Plan sponsor, pension Committees, and Trustees assess the level and magnitude of risks inherent in the Plan and devise risk mitigation strategies ;

6. Review the design of the Plan and recommend appropriate changes to existing benefit structure to ensure its long term sustainability ;

7. Conduct relevant comparator design benchmarking and prevalence studies ;

8. Analyze the financial structure and funding mechanism of the SRP ;
9. Provide input to Asset Liability Modelling (ALM) and data modelling services ;

10. Make inputs to the SRP communication strategy and the content thereof ;

11. Update the SRP of any significant regulatory, legal, or legislative changes with respect to pension and actuarial issues; and

12. Provide any other actuarial services, as needed.

8. 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.

9. Please submit your expressions of interest by email using the following address : [email protected], with the reference (REF: AFDB/SRPU/RFP/PSAS2021) by Friday 22^nd January 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.

10. 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#.

11. 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.