Source: https://tendernation.io/opportunities/01a13c0a-788d-73f6-bbcf-78e27d47a89e/administration-of-the-junior-individual-savings-account-jisa-scheme-for-looked awarded GB open procedure Suitable for SMEs # Administration of the Junior Individual Savings Account (JISA) scheme for looked after children and care leavers [Department For Education](https://tendernation.io/buyers/department-for-education) Often single bidder Estimated value £500,000 Published 5 Sept 2016 Deadline Closed 3 Oct 2016 ## Who can bid - Buyer says suitable for SMEs The buyer ticked “suitable for SMEs” on the notice. Anyone can still bid. - Buyer says suitable for VCSEs The buyer ticked “suitable for voluntary, community and social enterprises” on the notice. - Open procedure Anyone can submit a full tender; there is no shortlisting stage. [More contracts for small businesses and VCSEs](https://tendernation.io/opportunities/for-small-businesses) ## About this tender In 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. Read full description ## CPV classification Financial and insurance services Source Contracts Finder (UK) [View official notice](https://www.contractsfinder.service.gov.uk/notice/206c18d8-adca-11e6-9901-0019b9f3037b) Never miss a tender like this again Get AI summaries, deadline alerts and a bid pipeline for tenders matched to your business. Free to start. 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