UK - The Northern Ireland Assembly Members' Pension Scheme (AMPS) is looking for a fund manager to take on the scheme's assets.

The fund said in its annual report its assets were "not yet sufficient to allow a widely diversified portfolio of investments, were these assets to be invested directly in bonds and equities".

It added: "Therefore, until the assets become sufficiently large, the Trustees believe that the most cost-effective way of investing is to use one single pooled fund run by an independent investment management company."

The currently capital value of the fund stands at £9m, while the official tender notice states the fund expects an annual contribution income of £1.28m.

No-one at the fund was available for comment today.

The time limit for receipt of tenders or requests to participate is September 28.

AMPS, set up in 2000, provides benefits for members of the Northern Ireland Assembly through a basic scheme and ministers and office holders through a supplementary scheme.

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