BELGIUM - The Flemish municipality Brecht wants to set up a new pension fund, for which it has tendered a €2.6m (£1.8m) mandate.

The assets will be set aside for the municipality managers' pensions, which the council pays from its own resources, and for the civil servants' pensions, which are arranged by the Belgian social security body RSZPPO.

Gaston van Camp, a spokesman for the council, told IPE this morning: "Several municipalities have recently set up pension funds for these workers, and we are just the latest one to follow".

While the mandate will go to the most advantageous tender financially, qualifying applicants are required to have more than €5m of pension assets under management.

The municipality expects bank-insurers who specialise in managing assets on this basis to tender.

There is no consultant or adviser involved and tenders or requests to participate should be submitted in Dutch by July 2.