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.
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Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
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