IRELAND- The National Pension Reserve Fund of Ireland has put out the tender for one or two brokerage commission recapture providers for its equity investments.

Commission recapture, a form of institutional discount brokerage that rebates a portion of trading commissions directly to the pension plan or investment fund, is becoming increasingly popular among pension funds as a means to help to reduce expenses.

Says Deborah Reidy, head of investment manager selection at the fund: “The money saved will add to the bottom line of the fund, and in the current environment it is important to build on revenue.”

Applicants must submit their interest by 31st October, and providers are expected to have been chosen before the end of November.

The fund is also looking into the possibility of employing brokerage commission recapture providers for its fixed income investments.

The e8bn National Pensions Reserve Fund was created in 2001 as a means of plugging the future hole in Ireland’s social welfare and civil service pension payments.