UK - The UK Audit Commission, the body for ensuring public money is spent economically and efficiently, has appointed Mercer to actuarial and consultancy services to its £550m (€738.2m) pension fund.

Mercer announced today it will provide advice on the funding of the scheme, benefit strategy, corporate accounting and overall risk management.

According to the consultant, the appointment followed an official tendering process.

The Bristol-based body, whose work covers local government, health, housing, community safety and fire and rescue services, tendered for actuarial services in November 2006.

The tender came shortly after the commission published a study saying the average London pension fund administration is too expensive.
At the time, the body said that the total scope for the provision of "actuarial and benefits consultancy to the Audit Commission and Trustees of the Pension Scheme" was divided into two lots.
The estimated value stated was £150.000 and £196.000 per annum - the duration of the contract is 36 months.

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