Now that British Gas is being demerged, a new pension fund will be set up next year and managed in the UK by Centrica.

Centrica is looking for a pensions manager to run the fund, according to Janet Rice, head of pensions at British Gas, who adds: In the meantime, Richard Bide is in charge at Centrica."

Rice says that, initially, the fund will have assets of the order of £1bn ($1.6bn) but that the full extent of the assets is not yet known. The British Gas fund, rated the seventh-biggest in the UK, is currently reckoned to be worth about £10bn.

Actuaries, administrators, investment managers and perhaps even custodians will also be required. The actuarial consultant involved in the demerger process was Watson Wyatt."