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 Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.