Scotland's £932m Dundee City Council Tayside Superannuation Fund is tendering for a global custodian, to be appointed by year end.
The contract has no fixed duration.
At present custody services are handled by The Bank of New York, Deutsche Bank and Schroder Investment Management. According to the fund’s principal treasurer and investment officer, Sandy Flight, the move reflects the fund’s need to consolidate the service and ease administration.
He added that performance concerns were not an issue.
Deadline for applications is September 7, 2001.
The move is advised by Hymans Robertson.
By Madhu Kalia
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.