UK’s state actuary in local authority push
UK – The government’s actuarial department is looking at moving into the local authority pension scheme market.
“We have submitted tenders,” an official at the Government Actuaries Department said. The body has had one, unsuccessful, result so far. It has submitted at least four tenders.
“You have to look for opportunities where they come,” the official said. There is an opportunity in the market, after consulting firm Watson Wyatt said in April that it was leaving the market. The firm said then that the business was worth one million pounds (1.45 million euros).
The GAD has worked for local authorities before, but not on a regular basis. “This is an untapped market for us,” the official said. “I think we can give very good service to local authorities.”
The GAD operates as both a government department and a commercial consulting firm. “The thing that sets us apart is our work with the government and OPRA [the Occupational Pensions Regulatory_Authority],” the official said.
The GAD has “a strategic view” of the pensions market in terms of regulation and operations. Plus, it provides value for money when compared to its London-based competitors, the official added.