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Tender For Carrying Out Actuarial Valuation of The Bank of Tanzania Staff Benefit Fund

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BANK OF TANZANIA

EXPRESSION OF INTEREST

TENDER NO. PA/082/2018-19/HQ/C/304

CARRYING OUT ACTUARIAL VALUATION OF THE BANK OF TANZANIA STAFF BENEFIT FUND

1. Bank of Tanzania operates a defined benefit scheme registered by Social Security Regulatory Authority. Under the plan employees are entitled to defined benefits upon meeting requirements as stipulated in the Bank’s Regulations and the Scheme rules. The Bank’s policy requires actuarial valuations/reviews to be performed regularly in order to ensure timely monitoring of the operations of the Staff Benefits Fund and to comply with the International Accounting Standard 19 (IAS 19) on employee benefits.The valuations must be in line with the Social Security Schemes (Conduct of Actuarial Services) Guidelines, 2018.

2. The Bank has set aside some funds for carrying out actuarial valuation that will provide the Scheme’s net asset/ liability, associated charges to the Statement of Profit or Loss and Other Comprehensive Income, and disclosures as per IAS 19 necessary for reporting of the annual financial statements for the year ending 30TH June 2019.

3. The Bank invites eligible Actuarial Valuers to apply for Expression of Interest to carry out annual actuarial valuations of the scheme for a period of three years beginning financial year 2018/2019. The valuations should be consistent to those carried out in preceding years.

4. Interested Consultants must provide information evidencing their eligibility and other qualifications necessary to carry out the assignment. The selection criteria will include possession of:
a. Registration, certification and licences from relevant authorities.
b. No objection to undertake actuarial valuations in Tanzania granted by the Social Security Regulatory Authority.
c. Professional knowledge and working experience in similar assignments.
d. Knowledge in International Financial Reporting Standards (IFRS)

5. The valuation assignment will include:
a. Review of the scheme data and discussion of the characteristics with the Bank;
b. Recommendation of suitable actuarial assumptions for items such as retirement age, mortality, employee turnover, discount factor for discussion with the Bank;
c. Actuarial calculations and determination of accrued liabilities and fair value of plan assets as at 30 June of respective year.
d. Performing sensitivity analysis of the balance sheet items.
e. Presentation of the results, in the format required under IASI 9, as well as responding to any queries from the Bank’s auditors.

6. The assignment will be for three financial years. The appointed Actuary shall carry out the assignment for each of the three years for the period ending 30th June on the terms to be agreed in the engagement.

7. Interested Actuaries may obtain further information from the Secretary, BOT Tender Board, Head Office, 2nd Floor, South Tower at 2 Mirambo Street, from 8.30 am to 12.30pm and from 2.30pm to 4.30 pm on Monday to Friday except on Saturday, Sunday and public holidays.

8. The Expression of Interests must be delivered to the address given under paragraph 7 clearly marked “Expression of Interest for Carrying out Actuarial Valuation of the Bank of Tanzania Staff Benefit Fund” at or before 11.00 hours on Tuesday 18th June 2019.

9. Late Expression of Interests shall not be accepted for evaluation irrespective of the circumstances.

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