UK - The Environment Agency's £1.6bn (€1.8bn) pension fund and five other local government pension schemes (LGPS) with assets totalling £7.3bn are seeking to appoint joint actuarial advisors and investment managers in a cost-cutting measure.

In the mandate, in which the group is looking to award contracts to as many as 13 different providers, they say that ongoing fiscal constraints for the public sector mean they must "work more closely" and "share services with other bodies and funds".

The six schemes are looking to award mandates to actuaries for a seven-year period, meaning any firm will be required to conduct two triennial valuations.

While only a maximum of three contracts will be awarded in the search for actuarial services, both providers of benefits services and of investment management services can bid on one of five possible tenders suggested as part of the framework agreement.

The total value of all contracts is set between £6.8m and £11.5m, with the three potential actuarial services contracts the most lucrative, valued at £7m.

Interested parties, who can request more information through the Environment Agency, would be bidding to work with Bath & North East Somerset Council.

The council forms part of the South West region LGPS administering authority, which also includes the £1.8bn Avon pension fund, as well as the £789m Cornwall pension fund, the £1.3bn Dorset Council pension fund, £1bn worth of assets under management at the Gloucester pension fund and the £845m Wiltshire pension fund.

All applicants must complete a pre-question questionnaire by 18 November to participate.