AFRICAN DEVELOPMENT BANK GROUP

STAFF RETIREMENT PLAN

REF: AFDB/SRPU/RFP/GAP-REVIEW-2021

REQUEST FOR EXPRESSIONS OF INTEREST

for

REVIEW OF GOVERNANCE, ADMINISTRATION AND PROCESSES

OF THE STAFF RETIREMENT PLAN

 

 

 

  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).
  1. 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.
  1. Interested Consultants are hereby invited to express their interests in providing reviews of pension plan Governance, Administration and Processes.
  1. 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.
  1. Summary page :
  • Company Name……………………………
  • Headquarters (country): …………………
  • Physical Address……………………………
  • Contact person………………………………
  • Email……………………………………

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African Development Bank, Staff Retirement Plan

  1. Additional information

Country of Incorporation : 

  • Indicate experience in providing an evaluation of benefit scheme governance, administration and operations, according to benchmark practices in the pension industry (half a page answer) ; 
  • Experience in providing such services to pensions of International Financial Institutions and large public or private companies (half a page answer). 
  1. The objective of this assignment is to Review SRP Governance, Administration and Processes.

The Consultant shall ascertain the adequacy and efficiency or otherwise, of the existing governance and administration structure, and processes, taking into consideration the current SRP Rules and make recommendations, where necessary for alignment with standard pension industry practices and comparators.

The Consultant shall :

  1. Assess the membership of the Steering and Investment Committees and propose membership revisions, if needed and in line with best practices ;
  1. Determine whether Pension Plan processes are adequate, taking into consideration the additional operational requirements necessitated by the introduction of the Hybrid Scheme ;
  1. Assess staffing needs of the Plan, including appropriate skill sets, training needs, etc. to ensure efficient operations and make recommendations ;
  1. Assess whether existing accounting procedures for financial transactions are complete and reliable, whether the segregation of duties needs further amendment to better allocate roles to staff and ensure there are adequate internal checks ;
  1. Review current IT supports and make recommendations where necessary to ensure robustness and adequate internal controls ;
  1. Review the structure of the Unit including its general administration, communication to stakeholders, knowledge and information management, and business continuity plans; and
  1. In consultation with the Plan Administration, address other matters that may arise and considered necessary for the SRP Governance, Administration and Processes framework.
  1. 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.
  1. Please submit your expressions of interest by email using the following address : [email protected], with the reference (REF: AFDB/SRPU/RFP/GAP-REVIEW-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.

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African Development Bank, Staff Retirement Plan

  1. 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#.
  1. 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.