BELGIUM - The Belgian municipality of Brecht has tendered a €2.4m (£1.8m) mandate for a new pension fund.
Gaston van Camp, a spokesman for the council, said there were several parties interested in running the mandate and the municipality expected bank-insurers who specialise in managing assets on this basis to tender.
Van Camp said: “It will be a fund for the 50 employees of the community of Brecht. We must pay our pensions for our employees for several years.”
Interested parties are invited to submit their applications in Dutch by July 2.
In a separate development, Global Pensions previously noted Belgian pension fund returns fell by 6.2% to 8.76% over 2006, compared to their 2005 performance of 14.96%.
A survey of 32 funds by the Belgian Association of Pension Institutions said the performance was still strong despite the dip, continuing a four year run of positive returns.
The PLSA's Richard Butcher says we should all work harder to reconnect with the saver, be open with them and tell them the truth
Trustees lack expertise, time and resources to develop effective communications on technical pensions issues and need professional help, a major review of the British Steel saga has concluded.
In this week's Pensions Buzz, we want to know if you think trustees should consult directly with members before agreeing to a DB superfund buyout.
Thousands of savers taking tax-free lump sums ahead of retirement are at risk of a pensions shortfall in later life due to neglecting their remaining pot, Zurich has warned.