A tender has been opened to find passive fund managers for the Local Government Pension Scheme (LGPS) at affordable levels.
The National LGPS Frameworks is an organisation which aims to procure administrative and managerial services for the scheme's funds at lower costs.
An advert has been placed in the Official Journal of the European Union (OJEU) inviting bids for a passive investment management services framework.
Interested parties will have up 12 October 2016 to submit their bids, with the results expected to be announced by mid-November.
Norfolk Pension Fund head and National LGPS Frameworks chairwoman Nicola Mark said: "We are delighted to be working with Cambridgeshire, Essex, Hampshire, Kent, Northamptonshire and Suffolk County Councils to put in place a national framework of passive investment managers that all LGPS funds can access to help them access the benefits of the scale the framework aims to achieve."
The desire to find a way to find passive managers at affordable levels is one of the newest frameworks being developed to help LGPS funds procure services.
A framework for stewardship is due to be launched in the Autumn while one for third-party administration will follow later in the year. A re-let of the investment Consultancy services framework will follow early in 2017.
All these initiatives build on frameworks for legal, global custody, investment and actuarial services which are estimated to have saved the LGPS a total of £27m to date since the first one was launched in 2012.
National LGPS Frameworks manager Nigel Keogh said: "It is a sign of the success of the frameworks initiative that we have been approached by a range of organisations in and around the public sector who are keen to participate.
"In response, we have taken positive steps to ensure that in future the scope of all our frameworks is flexible enough to accommodate these organisations and also that it is future-proofed against the changes that we may see with LGPS pooling."
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.
Capita Pensions has partnered with data technology solutions firm Intellica to tackle the GMP equalisation challenges facing pension schemes.
The Hewlett Packard Retirement Benefit Plan has reappointed EQ Paymaster as its third-party administrator (TPA) for five years.
Schemes and their administrators have rightly received much praise for ensuring that pensions have continued to be paid in full and on time during an unprecedented period of disruption.