Award record updated
Latest variant observed by Bidwake on .
Open this official Contracts Finder notice
Record references
- Release reference
72c3a367-2df0-4c36-b96b-1c643d156d58-126374- Published tags
- awardUpdate
Loading records…
Public procurement
See the published facts, notice history, awards and supplier links in one place. Open the original Contracts Finder notice for the full record.
ocds-b5fd17-206c18d8-adca-11e6-9901-0019b9f3037bPublished facts
72c3a367-2df0-4c36-b96b-1c643d156d58-126374In 2011, the Coalition Government ceased funding Child Trust Funds (CTFs) but agreed to establish a new scheme, funded and organised by DfE, to provide children who had been looked after for 12 months with a JISA, with an initial payment from Government of £200. JISAs and CTFs are long term tax-advantaged saving accounts for children up to the age of 18. To date the scheme has been managed by a contractor and the Department is seeking a supplier to continue managing and administering the scheme. Some of the aspects of the service required include opening accounts for these vulnerable young people with the initial Government contribution of £200. The supplier will also be ensuring that these accounts are properly operated and invested appropriately with a range of JISA providers. The successful bidder will raise additional voluntary contributions, through donations or fund-raising, to build the value of the accounts. They will also provide financial education to help ensure responsible use of the funds when the JISAs mature at age 18. During 2017, or at a later date to be agreed between the relevant parties, the appointed supplier will also be required to assume management responsibility for approximately 11,000-15,000 CTFs of looked after children from the Official Solicitor for England and Wales; the Official Solicitor for Northern Ireland; or the Accountant of Court (for Scotland). As the corporate parent for children in care, the Government’s view is that this group of vulnerable children need the financial help that their peers receive from their parents. The JISA is seen therefore as a modest start in building a nest-egg for these young people, with the expectation that their local authorities will also add to the account, so that by the time these vulnerable young people turn age 18, they will have something more substantial than £200. The contract is estimated to be awarded by late October. The service will commence on 2 January 2017 and end 29 March 2019, with a possible extension period of up to a further 12 months. The value of the contract will be up to a maximum of £283,000 per annum, or less (inclusive of VAT) Additional information: Bidders should be mindful of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE). It is the responsibility of tenderers to consider whether or not TUPE applies in the circumstances of this contract and tender accordingly.
Observed notice trail
Events follow the publisher date where one is available. “Seen by Bidwake” is the date this service first found the record.
Award record updated
Latest variant observed by Bidwake on .
Open this official Contracts Finder notice
72c3a367-2df0-4c36-b96b-1c643d156d58-126374Awards and suppliers
Buyer: Department for EducationSupplier: The Share Foundation
ocds-b5fd17-206c18d8-adca-11e6-9901-0019b9f3037b-1End dates, recurrence wording and links are shown as they appear in public notices. They do not create a new opportunity. If no later linked record appears here, that means Bidwake did not find one in the records it has loaded; it does not prove that none exists.