UK - The £3.7bn (US$5.25bn) Merseyside pension fund has gone out to tender for two unconstrained bond mandates worth a total of £320m.
The fund said it had not decided on the performance targets but said they were expected to be in the region of a 1-2% gross return a year.
According to the fund's 2007 triennial valuation, it had 10% of its assets allocated to bonds and 26% to fixed interest.
Earlier this month the fund awarded four managers - M&G, BlackRock, Newton and TT International - unconstrained long-only mandates worth about £90m each (Globalpensions.com; 19 January 2009) as part of a shift to less constrained strategies.
At the time, Merseyside Pension Fund head Peter Wallach said the shift was part of a reallocation as a result of the fund's triennial review.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.