Hammersmith & Fulham seek actuarial consultant
UK - The London Borough of Hammersmith & Fulham is seeking an actuarial services provider for its pension fund on a six-year contract.
The scheme, which has assets of approximately £460m (€610m), revealed the duties of the successful applicant would include undertaking the triennial valuation of the pension fund's assets and liabilities.
Other responsibilities highlighted in the tender include the production of FRS17 disclosure figures and the requirement to provide advice and/or reports on the calculation of benefits in accordance with the Local Government Pension Scheme (LGPS) regulations.
In addition, the scheme confirmed it required the actuarial firm to provide advice and attend meetings concerning the actuarial report, valuation issues and the effects of new regulations, alongside other ad hoc actuarial services.
Although the contract is scheduled to last six years, starting August 1 2008, the pension scheme confirmed the successful applicant - based on price and its ability to meet the job requirements - would have a minimum service of six months.
Hammersmith & Fulham's annual report for 2006/07 revealed the LGPS scheme had its last actuarial valuation on March 31 2007, carried out by the fund's current actuary Hewitt, the results of which, including future contribution rates, are expected to come into effect from April 1 2008.
Meanwhile at the latest meeting of the scheme's Pension Investment Panel on February 5th, council members also considered a report on tendering a contract for a dynamic asset allocation manager, while a report presenting alternative proposals for equity hedging was also reviewed.
The final date for applications for tender documents is March 24 2008, and the closing date for the receipt of tenders is 12pm on April 8 2008.
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