US - The $650m (£458.5m) Ohio State Highway Patrol Retirement System (HPRS) is considering retendering for a disability benefits consultant, according to Dick Curtis, the fund's executive director.
Curtis said that retendering is just one of the options that the HPRS is considering, after rejecting bids on the grounds that they were too expensive. Curtis said that he currently is negotiating with three firms to see a compromise could be reached.
Additionally Curtis said that the HPRS has begun an asset liability study (ALS), and that new mandates could be put out to tender once the study concludes in November. Callan Associates is assisting the fund with the ALS.
Curtis also revealed that the fund is negotiating with seven brokerage firms to take over as broker for its 15 asset managers, and that it hopes to have one in place by the end of the month. Currently, the HPRS uses a commission recapture program for its US equity managers. The new appointment will replace that program.
By Geoffrey Ho
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.
In a hard-hitting interview with Stephanie Baxter, the former chairman of Carillion Pension Trustees explains why he thinks a blame culture and too much red tape are damaging pensions and why he feels regulators are getting it wrong.