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Mandate roundup: European Parliament, SAUL Trustee Company, Aon Hewitt

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  • European Parliament

The European Parliament is looking for a firm to produce an actuarial study on various pension schemes for members of the European Parliament (MEPs), according to the official EU contract tenders service TED.

The parliament’s directorate-general for finance in Luxembourg said the study would cover the provisional French and Italian retirement pension schemes, the supplementary pension scheme, and the invalidity and survivor’s pension scheme — all for MEPs, the TED entry showed.

The contract is divided into lots – one for each of the pension schemes – but respondents can submit tenders for one or more of these, according to the contract tender.

The contracts are set to last for 48 months.

Firms tendering will have to provide a number of documents the authority will use to assess their economic, financial and technical capability.

These include financial statements, information on academic and professional qualifications of the provider and its staff and a list of the main services for providing actuarial studies the firm has carried out over the past three years.

Firms should have a team of actuarial experts numbering at least three with two or more years’ proven experience in the actuarial evaluation of pension systems, the tender stated.

The deadline for receipt of tenders or requests to participate is 14 August.

Meanwhile, the trustee of the pension scheme for non-academic staff at the University of London has appointed consultancy Aon Hewitt to give covenant advice.

The SAUL Trustee Company, trustee of the Superannuation Arrangements of the University of London (SAUL), has hired Aon Hewitt for a six-year period, covering two valuation cycles, the consultancy said.

Penny Green, chief executive of SAUL Trustee Company, said: “As part of our ongoing commitment to the highest standards of governance, the SAUL Trustee sought specialist advice to further develop our comprehensive covenant review programme.”

She said Aon Hewitt’s team had impressed the trustee company with their breadth of experience, appreciation of the specific issues facing the scheme as well as their knowledge of pension schemes in its sector.

Aidan O’Mahony, partner at Aon Hewitt, said the consultancy was increasingly active with clients in higher education.

SAUL covers non-academic employees of more than 50 colleges and institutions with links with higher education, including most of the University of London, Imperial College and the University of Kent.

It has more than 38,000 members and assets worth £2bn (€2.5bn).

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