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Barnet seeks scheme actuary

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  • Barnet seeks scheme actuary

UK - The London Borough of Barnet is tendering a contract for the provision of actuarial services to its local government pension scheme (LGPS).

Hymans Robertson currently provides actuarial services to the £546.3m (€686m) fund and conducted its 2007 actuarial valuation, which revealed a funding level of 71% and a deficit of £218.2m.

Barnet said it is seeking to appoint a company that has a number of years' experience in advising local government and institutional pension funds.

The successful applicant will be expected to provide services and advice to the pension fund committee on a variety of areas, including triennial valuations of the pension fund and self-insurance fund, and calculations in relation to FRS17 requirements as well as advice on employer contribution rates.

The contract, which is valued at between £90,000 and £210,000, will be awarded to the most economically advantageous submission in terms of experience, capability, quality, capacity and price.

Latest figures for the pension fund showed that a fall in global equity markets, and a rise in bond prices in the first quarter of 2008, reduced the value of the fund from £581.6m at 31 December 2007 to £546.3m at 31 March 2008.

The fund's investments, which include 32% in UK equities and 33% in overseas equities, returned -6.4% in the first quarter of 2008, just outperforming the benchmark return of -6.5%.

Earlier this year, Barnet revealed it was searching for a new investment adviser to provide advice on issues including asset allocation, investment strategy and manager selection. [See earlier IPE.com article: Lighthouse authority seeks actuarial help for new scheme]
 
The deadline for applications for the actuarial services contract is 20 August 2008.

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com


 

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