Junior ISA Re-procurement

Award outcome

Description

Junior ISAs (JISA's) and Child Trust Funds (CTF's) are long term tax-advantaged saving accounts for children up to the age of 18. Children are eligible for a JISA if they are under 18, resident in the UK, and not eligible for a CTF. Anyone can pay money into the accounts, but the funds cannot then be accessed by the account holder until their 18th birthday (or are terminally ill). At 18, the account will mature into a standard (adult) ISA or the funds will be withdrawn. Children looked after for 12 months or more and not eligible for a Child Trust Fund (CTF) are entitled to a £200 payment from the government into a Junior ISA. The supplier will ensure eligible children receive the payments due to them under the JISA scheme: by acquiring the necessary data from LAs, opening JISAs for those children, making payments into these JISAs, and providing information about the JISAs opened and payments made to LAs, CiC and their carers. The supplier invoices the DfE on a two-weekly basis for the numbers of JISAs opened and submits invoices quarterly to the DfE to cover payments for administration of the scheme. The delivery partner's role will also involve: - Fund Management - Management Reporting and Data Requests - IT infrastructure - Delivery of financial education - Fundraising for additional donations In addition to the contract, a separate Grant Funding Agreement will be put in place between the Department for Education and the successful delivery partner. This will enable payments of £200 to be made into each new JISA that is opened. The delivery contract will run from April 2023 to March 2027 with two optional one-year extensions. A market engagement session will run on the Thursday 13th October at 2pm. Please contact [email protected] with the names and email addresses of the attendees you wish to attend. This event will be run through Microsoft Teams. A slide pack and Q&A from the event will be provided at tender stage. Bidders who are interested in this procurement must register with the DfE's Jaggaer system here: https://education.app.jaggaer.com/web/login.html

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