See the notice on TED website
1. Buyer
1.1.
Buyer
Official name: Valtion Eläkerahasto
Legal type of the buyer: Body governed by public law, controlled by a central government authority
Activity of the contracting authority: Social protection
2. Procedure
2.1.
Procedure
Title: Fund custody and order routing service
Description: Valtion Eläkerahasto (the State Pension Fund of Finland, VER) is acquiring services for fund order routing, fund custody, fund data and analytics and possible additional services related to the service that could be acquired at a later stage, as defined in this call for tenders (the Call for Tenders) and its attachments (each an Attachment), especially in Attachment 1 (Service description). The procured service will exceed EU public procurement thresholds.
Procedure identifier: 6eb1560c-b78a-4ea9-945d-46da6a928745
Internal identifier: 26/00078
Type of procedure: Open
The procedure is accelerated: no
Main features of the procedure: GENERAL The Finnish Act on Public Procurement and Consession Contracts (1397/2016, the Act) shall be applied to this procurement. The estimated value of the services to be acquired for the Contract Period will exceed the EU threshold pursuant to Section 26 of the Act. This procurement shall be completed with an open procedure pursuant to the Act. The procurement has not been divided into lots, as the contracting authority considers that the Service included in the procurement constitutes a single whole, the division of which into separate lots would be inappropriate for technical and economic reasons. Please further see Attachment 8 (Additional information to the Call for Tenders). SUBMITTING THE TENDER AS A GROUP OF ECONOMIC OPERATORS AND SUBCONTRACTING A tender may be submitted by a group of economic operators (a consortium or group). If awarded the agreement, all group members must sign the Agreement and undertake joint and several liability to fulfill the obligations and responsibilities under the Agreement. The members of the group may not be changed during the procurement procedure or the contract period. The group and the supplier with subcontractors are required to have the necessary technical, economic, financial and other capacities to provide the goods and services in accordance with the Agreement for its entire duration. During the tender process and during the contract period, the tenderer may be requested to provide proof on commitments and contracts they have made with the declared subcontractors which may affect the tenderer’s capacity to meet the obligations of the Agreement. The group may be requested to provide corresponding proof on how the relationships between the members of the group have been arranged. USING RESOURCES OF OTHER ENTITIES A tenderer or a group of economic operators may rely on the resources of other entities to fulfill the requirements of the Call for Tenders and the Agreement regardless of the legal nature of their relationship. However, the resources of other entities must be de facto at the disposal of the tenderer or the group of economic operators during the procurement process and the contract period. Such resources may include, for example: Professional experience – Relying on the expertise of another economic entity, such as a company within the same corporate group, provided that the entity is named in the tender as a subcontractor and actively participates in delivering the Service. Personnel – Using employees from another company to meet professional qualification requirements, provided that these individuals actively contribute to the delivery of the Service. Economic and financial standing – Leveraging the financial capacity of another entity. Technical capabilities – Utilizing another entity’s technical resources, provided they are genuinely used to meet the procurement requirements. In these instances, the entity being relied on must be appropriately indicated in the tender. PROCESSING OF TENDERS Tenders submitted will be binding and they shall be submitted in English. Answers to any questions presented during the process are available through Hilma-portal (www.hankintailmoitukset.fi/en/, requires registration). The procurement shall progress as follows: 1. Opening of the tenders. Opening of the tenders is not a public event. The procurement entity may open the tenders also after the due time for the tenders, at any moment of time deemed best at its sole discretion. 2. Ensuring the suitability of the tenderer. 3. Ensuring the compliance of the tenders with the Call for Tenders. 4. Comparison of the tenders, the basis of which is described in Attachment 6. 5. Procurement decision and notification of the decision. 6. Entering into the Agreement. The procurement entity preserves the right not to select any of the tenders it has received and to cancel the procurement procedure based on a justified reason, e.g. where circumstances have changed or if it has become impossible or purposeless for the planned procurement to be executed as described in this document. Furthermore, the contracting authority may decide to cancel the procurement if all the tenders are excessively expensive. SUITABILITY OF TENDERS Before the tenders are processed, it shall be assessed whether the tenderers meet the technical, professional and economic and financial requirements presented in the suitability requirements. Tenderers who do not satisfy the technical, financial or other criteria shall be excluded from the procurement. A tenderer to whom the exclusion grounds as referred to in the Act and/or the ESPD form are applicable will be excluded from the procurement process. The contracting authority will verify the information provided in the ESPD through official registers, if necessary, and request the winner of the tendering process to provide documents demonstrating compliance with the suitability requirements and that no exclusion grounds are applicable to the winner of the tendering process, including but not limited to criminal record extracts. COMPLIANCE WITH THE CALL FOR TENDERS The services offered must fully comply with the requirements outlined in the Call for Tenders and its Attachments. All requested information and required annexes must be submitted as part of the tender. Tenders that do not meet the requirements of the Call for Tenders or fail to adhere to the conditions of the tendering procedure will be disqualified from the competition. COMPARISON OF TENDERS The comparison of the tenders, which comply with the requirements outlined in the Call for Tenders and its Attachments, shall be made according to chapter “Grounds for decision” of the Call for Tenders and Attachment 6.
2.1.1.
Purpose
Main nature of the contract: Services
Main classification (cpv): 66162000 Custody services
Additional classification (cpv): 48411000 Investment management software package, 66172000 Financial transaction processing and clearing-house services
2.1.2.
Place of performance
Anywhere in the European Economic Area
2.1.4.
General information
Additional information: Regarding TED BT-14: Please send your possible request to receive Attachment 2 of the Call for Tenders (Holdings of VER) by email to VER-kilpailutus@ver.fi. CONFIDENTIALITY If the tender includes trade or professional secrets, any such information must be identified and marked as such by the tenderer in each of their tender documentation and the tenderer shall additionally list the parts of the tender documentation in detail which include such information separately in Annex 8. VER shall assess the confidentiality of the tender documents. The tenderers acknowledge that VER shall comply with the Act on the Openness of Government Activities, in addition to the Act on the State Pension Fund and any other regulation applicable to it.
Legal basis:
Directive 2014/24/EU
5. Lot
5.1.
Lot: LOT-0000
Title: Fund custody and order routing service
Description: Valtion Eläkerahasto (the State Pension Fund of Finland, VER) is acquiring services for fund order routing, fund custody, fund data and analytics and possible additional services related to the service that could be acquired at a later stage, as defined in this call for tenders (the Call for Tenders) and its attachments (each an Attachment), especially in Attachment 1 (Service description). The procured service will exceed EU public procurement thresholds.
Internal identifier: 2026-044767-LOT-0001
5.1.1.
Purpose
Main nature of the contract: Services
Main classification (cpv): 66162000 Custody services
Additional classification (cpv): 48411000 Investment management software package, 66172000 Financial transaction processing and clearing-house services
5.1.2.
Place of performance
Anywhere in the European Economic Area
5.1.3.
Estimated duration
Start date: 01/09/2026
Other duration: Unlimited
5.1.6.
General information
Procurement Project not financed with EU Funds.
The procurement is covered by the Government Procurement Agreement (GPA): yes
5.1.10.
Award criteria
Criterion:
Type: Quality
Name: Price
Description: See separate Attachment 6 (Award criteria).
Category of award weight criterion: Weight (percentage, exact)
Award criterion number: 30
Criterion:
Type: Quality
Name: Quality of the service
Description: See separate Attachment 6 (Award criteria).
Category of award weight criterion: Weight (percentage, exact)
Award criterion number: 70
5.1.15.
Techniques
Framework agreement:
No framework agreement
Information about the dynamic purchasing system:
No dynamic purchase system
5.1.16.
Further information, mediation and review
Review organisation: The Market Court
Information about review deadlines: An application for review (appeal) to the Finnish Market Court must be lodged within 14 days of the tenderer having received notification of the procurement decision and its grounds, in accordance with Section 146 of the Act on Public Procurement and Concession Contracts (1397/2016). The standstill period is 14 days from electronic notification of the procurement decision, pursuant to Section 129 of the same Act. A request for rectification (hankintaoikaisu) must be submitted to the contracting authority within 14 days of receipt of the procurement decision, in accordance with Section 133 of the Act.
Organisation providing more information on the review procedures: Valtion Eläkerahasto
6. Results
Value of all contracts awarded in this notice: 500 764,00 EUR
6.1.
Result lot identifier: LOT-0000
Winner selection status: At least one winner was chosen.
6.1.2.
Information about winners
Winner:
Official name: Allfunds Bank S.A., Madrid, Zurich Branch
Tender:
Tender identifier: Allfunds Bank S.A., Madrid, Zurich Branch
Identifier of lot or group of lots: LOT-0000
Value of the tender: 500 764,00 EUR
Contract information:
Identifier of the contract: (CON-0001)
Date on which the winner was chosen: 29/06/2026
Date of the conclusion of the contract: 01/09/2026
6.1.4.
Statistical information
Received tenders or requests to participate:
Type of received submissions: Tenders
Number of tenders or requests to participate received: 7
8. Organisations
8.1.
ORG-0001
Official name: Valtion Eläkerahasto
Registration number: 1583293-4
Postal address: Mikonkatu 15 A 6 krs
Town: Helsinki
Postcode: 00100
Country subdivision (NUTS): Helsinki-Uusimaa (FI1B1)
Country: Finland
Telephone: +358 295201200
Roles of this organisation:
Buyer
Organisation providing more information on the review procedures
8.1.
ORG-0002
Official name: Hansel Oy (Hilma)
Registration number: FI09880841
Postal address: Mannerheiminaukio 1 A
Town: Helsinki
Postcode: 00100
Country subdivision (NUTS): Helsinki-Uusimaa (FI1B1)
Country: Finland
Telephone: +358 295563630
Roles of this organisation:
TED eSender
8.1.
ORG-0003
Official name: The Market Court
Registration number: FI30061576
Postal address: Radanrakentajantie 5
Town: Helsinki
Postcode: 00520
Country subdivision (NUTS): Helsinki-Uusimaa (FI1B1)
Country: Finland
Telephone: +358 295643300
Roles of this organisation:
Review organisation
8.1.
ORG-0004
Official name: Allfunds Bank S.A., Madrid, Zurich Branch
Size of the economic operator: Large
Registration number: CHE180707070
Town: Zürich
Postcode: 8001
Country subdivision (NUTS): Zürich (CH040)
Country: Switzerland
Roles of this organisation:
Tenderer
Winner of these lots: LOT-0000
Notice information
Notice identifier/version: e6a623ec-ed1a-44a9-b4d6-abce13104b44 - 01
Form type: Result
Notice type: Contract or concession award notice – standard regime
Notice subtype: 29
Notice dispatch date: 22/09/2026 09:01:31 (UTC+03:00) Eastern European Summer Time, İstanbul, Mayotte
Languages in which this notice is officially available: English
Notice publication number: 656346-2026
OJ S issue number: 184/2026
Publication date: 23/09/2026