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Northern Irish Water Board tenders for support on DB fund

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  • Northern Irish Water Board tenders for support on DB fund

UK - The £59m (€72m) Northern Irish Water Board is tendering for investment consultancy, actuarial and trustee services to support its defined benefit pension fund.

The scheme said the successful consultant must be able to oversee the completion of a bulk transfer of members from the Principal Civil Service Pension Scheme to the NI Water Pension Scheme, which was set up in 2007.

The company noted that although the transfer was in "very advanced stages", any incoming consultant should have demonstrable experience of negotiating with the Government Actuary's Department.

The water board also said it was planning an overhaul of its investment strategy, adding:

"The successful bidder will also have provided investment services to a [pension] scheme resulting in the establishment of or an amendment to an investment strategy."

It said interested consultants needed to have an existing book of clients worth more than £100m in assets, since the NI Water scheme will reach that size once the bulk transfer is complete.

NI Water also demands applicants have experience in running defined contribution (DC) plans in spite a membership of one in its existing money purchase scheme.

The company said: "The DC scheme has limited current pensions advisory requirements, as it only has one member, but respondents to the tender should indicate their ability to provide the range of DC services set out in this document should the membership of the DC scheme increase in future."

The mandate also covers extensive scheme governance requirements, trustee support and corporate advice.

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

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