UK - The £3.2bn Merseyside Pension Fund has tendered for an actuary to provide actuarial and investment advice on the back of the completion of its current contract with Mercer Investment Consulting.
The scope of the mandate will include actuarial human resource services, including triennial and interim valuations, and asset/liability studies and asset allocation advice following the valuations. Firms are invited to tender for either one or both of the services.
Financial controller Gerard Moore said the search process was being conducted by the fund’s in-house procurement unit within Wirral Borough council.
“Even though we are based in Liverpool, it is Wirral Borough council that administers Merseyside Pension Fund,” he said.
“When the metropolitan councils were abolished in the mid-80s, the functions they held were distributed over the five borough councils and it was decided that pensions would be administered by Wirral Borough council. But because 85% of the pensioners and the members were actually on the East bank, on the Liverpool side, it was given to Wirral on the condition that [the fund] was actually based in Liverpool.”
Moore said the fund hoped to award the new mandate by October 1. Mercer was welcome to reapply.
Deadline for tender is August 4.
The fund’s asset allocation stands at 31% UK equities, 25% overseas equities, 26% bonds, 10% property, 6% alternatives and 2% cash.
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