UK - The £1.3bn Avon Pension Fund and the £2.5bn London Pension Fund Authority have both gone out to tender for a global custodian.
The Avon scheme – run by Bath & North East Somerset Council – has set a deadline of August 21 for tenders or requests to participate. The LPFA has set a deadline of August 15.
The LPFA has around 22,500 active, 17,750 deferred and 31,750 pensioner members. The Avon Pension Fund has about 34,000 active, 10,500 deferred and 16,500 pensioner members.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.
The Pensions Advisory Service (TPAS) helped 187,000 people in 2017/18, a 9% fall on the previous year despite setting up special helplines for specific scheme members.
The Liberal Democrat party has passed a motion pledging to cap tax-free lump sums under Freedom of Choice at £40,000 if elected into government.