Australian Government Actuarial Services Panel
The Department of Finance (Finance) has established an Actuarial Services Panel (the Panel) for use by Australian Government entities that require actuarial advice. The provision of this arrangement has been extended to 31 December 2014.
The Panel comprises:
- Mercer Consulting (Australia) Pty Ltd;
- Cumpston Sarjeant Pty Ltd; and
- Australian Government Actuary (AGA).
General Scope of Services
Australian Government entities can use the Panel for any actuarial service* requirements, up to the value of $80,000 per task.
* The Australian Institute of Actuaries define actuarial services as the application of âmathematical, statistical, economic and financial analyses, which involves adding risk assessment to longer term financial contracts, in a wide range of practical business problems.â
Panel Terms and Conditions
Finance has signed an agreement (Deed of Standing Offer or Memorandum of Understanding) with each Panel member. These agreements contain the general terms and conditions under which each Panel member will provide services to Australian Government entities. Any use of the Panel is bound by these broad terms and conditions.
A generic Deed of Standing Offer should be reviewed to ensure that it meets your specific requirements. Copies of the individual agreements with the Panel members can be obtained from the Funds and Superannuation Division within Finance. These agreements contain the relevant hourly/daily rates that Panel members are to use when preparing quotes, as well as the names and details of the appropriate Client Relationship Managers for each Panel member.
Process for Engaging an Actuarial Services Panel Member
The agreements with Panel members outline the necessary steps for engaging a Service Provider, including the provision of quotes etc. A summary has been included below:
|Step||Process||Panel agreement reference||Additional Information|
|1.||The requesting entity needs to issue a Request for Quotation (RFQ) to the relevant Client Relationship Manager.
Note that entities are free to seek quotes from one or more Panel members.
|2.||On selection of your Panel member, an order for services needs to be completed.||Clause 6||
|3.||Invoices are to be paid by the requesting entity, directly to the Panel member, within 30 days of receipt, unless otherwise specified in the order.||Clause 12.3||
|4.||Inform Finance by email that you have used the panelâs service under Standing Offer Notice ID: âSON146959â.||Â||
- Engaging a Panel member is a procurement decision and where necessary, the requesting entity should consider the Panel as part of determining value for money in procurement by adhering to their Chief Executive's Instructions and the Commonwealth Procurement Rules, as well as any necessary requirements under the Financial Management and Accountability Regulations.
- The requesting entity is responsible for adhering to any necessary reporting obligations (i.e. reporting purchases valued over $10,000 on AusTender  etc).
- Use of the Panel is not mandatory.
- While some firms may offer a range of business services (i.e. investment related services), Panel members have been engaged on this Panel to provide actuarial services only.
For further information on the panel please contact the Funds and Superannuation Division, Department of Finance at email@example.com.