United Kingdom

UK - The £1bn (US$1.95bn) Somerset County Council pension fund has announced a £30m tender for a private equity fund of funds manager.

UK - Most staff gravely underestimate how much their pensions cost employers, according to a survey from Aon Consulting.

UK - The House of Lords has been urged by industry organisations to amend the Pensions Bill to avoid additional costs to employers and harming existing employer provision.

UK - Employers will have an increasing role in the financial education of their workers, with more than three-quarters (73%) wanting to offer help to their staff, according to Watson Wyatt.

UK - The £1.96bn (US$3.83bn) Cadbury Pension Fund has diversified further into alternatives, awarding Blackstone and K2 Asset Management hedge fund mandates totalling 7.5% of current assets, according to MandateWire.

UK - The £4.2bn (US£8.2bn) Merseyside Pension Fund has placed a £135m European active equity mandate out to tender.

UK - Life expectancy improves by five hours each day causing problems for pension schemes stuck within inflexible regimes, according to Punter Southall.

UK - Hertfordshire County Council pension fund has awarded three global equity investment mandates worth £600m (US$1.2bn), as part of a move away from UK equities.

UK - Hermes has appointed Northern Trust as outsource provider in its first move to subcontract the function.

UK - More postal strikes looked likely yesterday as Communication Workers Union (CWU) members backed proposals of a national ballot on industrial action over pension changes and post office closures.