UK - The £670m Bedfordshire County Council Pension Fund is looking to hire a replacement actuary.
Bedfordshire is the latest scheme forced to go out to tender for a replacement following Watson Wyatt’s decision to exit the local authority market in April.
The Bedfordshire scheme said that it is looking to shortlist at least five firms for the post and that the winning actuary will receive a five-year contract worth an estimated £150,000.
However, the contract could be extended for an additional three years, which would bring the consultant’s total fees up to £240,000.
The deadline for expressions of interest is July 10 and shortlisted candidates will be contacted by August 12.
To date, the list includes the £850m Surrey County Council scheme, the £507m Gloucestershire Pension Fund and the £2.2bn Tyne & Wear Pension Fund.
A handful of industry heavyweights have begun trialling a so-called 'mid-life MOT', with positive initial results reported by all those involved.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.