UK - The £2.2bn Tyne & Wear Pension Fund is looking to hire an actuary to replace the incumbent, Watson Wyatt.
The move comes after Watson Wyatt’s decision to pull out of the local authority market to concentrate on its corporate clients.
The scheme – which is sponsored by South Tyneside Council – said the deadline for interested consultants was May 8, and that it was looking to have Watson Wyatt’s replacement installed in June.
The contract is worth approximately £220,000 over the course of a triennial valuation cycle.
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.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.