UK - The £250m Parliamentary Contributory Pension Fund is to appoint up to three fund managers once it has completed a review of its investment strategy.
The PCPF – which is considering whether to appoint specialist or balanced managers – says it will consider expressions of interest from all investment managers at this stage.
While it refused to divulge the identities of its two current managers, it did say that it will hold a beauty parade of 12-15 firms which may include its current managers.
The PCPF is also in the process of choosing a new consultant to help with the manager selection process. Its present consultant is Hewitt Bacon & Woodrow.
Earlier this year, the government came under heavy fire for boosting the value of MPs’ pensions by 25% and for trying to bury the news on the same day as the Chancellor’s three-year spending review.
The scheme currently offers MPs a full two-thirds pension for 27 years’ service, instead of 33 years previously.
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.