The Environment Agency is seeking to appoint an external custodian for its active pension fund and also for part of the assets of its closed pension fund.

The total value of the assets is valued at approximately £1.1bn ($1.7bn).

John Harris, treasurer of the Environment Agency,said: Part of our closed pension fund is already under external custodianship, and we are looking to put our active fund on a similar independent footing with a view to achieving best practice."

The custodian appointed is expected to commence by October."

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