UK - The £2.2bn South Tyneside Metropolitan District Council Tyne & Wear Pension Fund is set to appoint a new actuary "within days".
And the £650m Oxfordshire County Council Pension Fund has gone out to tender for a scheme actuary. Requests to participate must be received by August 1.
The flurry of activity follows Watson Wyatt’s decision in April to pull out of the local authority market and finish all actuarial engagements for council pension schemes by the end of October.
At the time, Watson Wyatt partner Hugh Chambers explained that servicing the local authority market was no longer viable.
He said: “To offer the range and quality of actuarial services required in the future would demand a disproportionate investment in the maintenance of knowledge and the conduct of research.”
The remaining 16 local authority schemes that have not yet gone out to tender now have only three months to go through this procedure.
Local authority pension funds which have not yet started the tender process are: the Corporation of London, Derbyshire County Council, Durham County Council, Essex County Council, Falkirk Council, the London boroughs of Barnet, Brent, Bromley, Hackney, Hounslow, Merton and Tower Hamlets, Northamptonshire County Council, Powys County Council, Rhondda Cynon Taff County Borough Council and the Royal Borough of Kingston upon Thames.
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