UK - London's Royal Borough of Kensington and Chelsea (RBKC) has put the investment consulting mandate for its £425m pension fund out to tender.
A spokesperson for RBKC said the move was part of a wide investment strategy review. The consultancy role is currently held by Punter Southall subsidiary, P-Solve.
Fund valuations are expected from the various parties involved by the end of the month, with the successful bid to be appointed by March 2008.
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.