EXPRESSION OF INTEREST (EOI) FOR THE ENGAGEMENT OF ACTUARY
The Nigerian Electricity Regulatory Commission (NERC) is desirous to engage the services of an actuary, to provide expert guidance on the management of a Gratuity Fund for its personnel, domiciled with a Pension Fund Administrator (PFA) in accordance with the Pension Act of 2004.
To ensure that the Commission receives expert and well informed guidance in planning, projecting and determining the pension liabilities of the Commission to Commissioners and staff, as well as computing gratuity entitlements of each Commissioner and staff, and the settlement thereof when it is due.
3. SCOPE OF WORK
The scope of work will include, but not limited to:
i. Advise the Commission on the risks the Commission runs in so far as such may have a material impact on the Commission’s ability to meet liabilities to beneficiaries of Commission’s gratuity as they fall due, and on the capital needed to support the gratuity scheme of the Commission, taking cognizance of:
(a) Gratuity benefit scheme for categories of staff of the Commission as provided for in the Commission Handbook, or as may be determined by the Commission from time to time.
(b) The nominal roll of the Commission and retirement due dates of each of its staff.
(c) Demographics of staff or other appropriate indices to determine the minimum contribution to the scheme by the Commission to meet the gratuity target at any particular point in time.
ii. Perform calculations in accordance with the methods and assumptions on the different scenarios as specified by the Commission.
iii. Perform for the Commission other functions that relate to actuary services as may be determined by the Commission with regard to this assignment in the TOR.
iv. Present report to the Commission.
4. ELIGIBILITY CRITERIA
i. Evidence of registration with Corporate Affairs Commission;
ii. Current tax clearance certificate for the immediate past three years (i.e. 2009 – 2012);
iii. Evidence of compliance with the provision of section 16(6)(d) of the Public procurement Act 2007 as it relates to the Pension Reform Act 2004;
iv. Evidence of registration and remittance to Industrial Training Fund;
v. Evidence of financial capability and banking support;
vi. Similar projects executed in the past and evidence of knowledge of the Industry;
vii. Experience/technical qualification and experience of the key personnel;
viii. All relevant information concerning contacts, their telephone numbers and email addresses.
5. SUBMISSION OF EXPRESSIONS
Interested firms should submit three (3) sets of each completed Expression of Interest (Original and 2 copies) to be delivered in a sealed envelope marked “EOI DOCUMENTS FOR THE ENGAGEMENT OF AN ACTUARY" and addressed to:
Nigerian Electricity Regulatory Commission (NERC)
Adamawa Plaza, Plot 1099, 1st Avenue
Central Business District, Abuja
The closing date for submission of Expressions of Interest is on or before 12:00 noon, July 15, 2013, 2013 and dropped in the Tender Box at the Secretariat Unit of the Nigerian Electricity Regulatory Commission (NERC), 2nd Floor, Room 203.
This advertisement shall not be construed to be a commitment on the part of the Commission, nor shall it entail any bidder to make any claim(s) whatsoever and seek indemnity from the Commission by virtue of that bidder having responded to this advertisement.