UK - The £650m Bedfordshire County Council Pension Scheme has chosen a property fund manager to run a £50m property mandate.
The fund’s head of treasury Jim Welch said that the identity of the manager could not be disclosed until the scheme’s chief investment officer had returned from leave.
Welch said: “In looking at a wider diversification, we came to the decision that we would increase our exposure to property and take the indirect property route rather than accessing direct exposure to property.”
Henderson Global Investors currently has an active managed UK equity and a global fixed interest mandate with the scheme. Bank of Ireland Asset Management runs an overseas mandate and Barclays Global Investors manages an passive index multi-asset mandate.
None of the existing fund managers expressed an interest in managing the property mandate and Welch confirmed that none of the managers will be replaced by the new manager. The mandate – which went out to tender earlier this year – will come into effect on January 1, 2002.
The scheme is advised by independent adviser J Martin and Watson Wyatt provides actuarial and investment services.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.