The London Borough of Hammersmith and Fulham is looking to transfer its pensions administration service to a new provider towards the end of 2021, following an independent review.
The council said it is "radically reforming" in order "to modernise the way services are run and ensure we provide good value for money". It added: "Being ruthlessly financially efficient is one of our key priorities."
Hammersmith & Fulham Council is responsible for managing the Hammersmith and Fulham Pension Fund as its 'administering authority'.
The pension fund - which is part of the national Local Government Pension Scheme (LGPS) - caters for around 15,300 members which includes around 4,000 current, 6,000 deferred and 5,300 pensioners and covers council employees as well as around 50 admitted bodies.
The fund's assets currently exceed £700m.
In its procurement documentation, the council said: "We are looking for a comprehensive pensions administration service which is geared to the needs of our fund members, to provide them with a high-quality, accessible service.
"The provider will work closely with our in-house pensions administration team and treasury and pensions function. We are currently reviewing the routes to market and developing a detailed specification."
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