UK - Local authorities have started their search for actuaries to replace Watson Wyatt following its decision to pull out of the market.
The first raft of councils seeking replacements are:
- The £850m Surrey County Council Pension Fund.- The £507m Gloucestershire Pension Fund.- The £2.2bn Tyne & Wear Pension Fund.
The Surrey County Council Pension Fund mandate will be for an initial period of five years with the council having the option to extend this for a further two years. The deadline for receipt of tenders is July 16.
The Gloucestershire Pension Fund wants to have a replacement on board by the beginning of November.
The successful candidate will also be required to provide actuarial services to the two unfunded schemes – for fire-fighters and uniformed police – which are both run by the council.
Interested firms should contact the scheme by June 27, and shortlisted candidates will be contacted by July 11.
The winner will have a seven-year contract which will end on September 30, 2010.
The Tyne & Wear Pension Fund is in the final stages of its tendering process and looking to have Watson Wyatt’s rep-lacement installed later this month.
On a separate note, Surrey County Council – which has around 20,000 active, 10,000 deferred and 13,000 pensioner members – is also going out to tender for a single global custodian.
It currently uses UBS Asset Management, JPMorgan Investor Services and Deutsche Bank.
The deadline for this tender is June 9.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.