North Yorks seeks actuary as Lothian reappoints SLI
UK - North Yorkshire County Council has issued a tender for a provider of actuarial services for its £1.2bn (€1.5bn) pension fund.
The North Yorkshire pension fund, part of the local government pension scheme (LGPS), revealed the successful applicant would be expected to complete triennial valuations of the assets and liabilities of the scheme, the most recent of which took place on March 31 2007.
However, the scheme's annual report for 2006/07 revealed ongoing monitoring by the scheme's current actuary, which according to Pensionfundsonline is Mercer, showed the solvency position of the fund was 72% funded with a deficit of £493m at the end of March last year.
As a result, the tender notice states the actuarial consultant will be required to produce FRS17 figures for the scheme, in addition to producing annual interim reviews; annual reviews of the AVC provider; and providing advice on the calculation of benefits under the LGPS regulations.
The tender process closes to applications on May 13, 2008, with the contract scheduled to start on July 1, 2008, and to last six years until June 30, 2014, with the option of a further renewal 68 months into the contract.
Meanwhile, the £3.1bn Lothian Pension Fund has reappointed Standard Life Investments (SLI) to manage a segregated property portfolio valued at £350m.
The pension fund started the tender process for a new six year contract in September 2007 as its existing seven-year contract with SLI was due to expire in March 2008. (See earlier IPE story: Lothian pension tenders its real estate)
But following a "competitive tendering and evaluation process" involving a number of investment houses, SLI confirmed it had been reappointed and Sandy Pringle will remain the fund manager responsible for the mandate.
Under this new mandate, SLI will be expected to outperform the IPD Universe by 1% a year on a rolling-three year basis, although it also allows the fund to invest in indirect vehicles in both the UK and overseas.
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