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West Yorks tenders for custodian as NDA appoints lawyers

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  • West Yorks tenders for custodian as NDA appoints lawyers

UK - The West Yorkshire Pension Fund (WYPF) has released further details of its search for a banking and custodian services provider.

The City of Bradford Metropolitan District Council issued a prior information notice in June about the re-tendering process for the five-year contract to begin in April 2010. (See earlier IPE article: Edinburgh Uni tenders admin, actuarial and investment)

The £4.5bn (€5.2bn) pension fund currently employs HSBC as its custodian, but it is now "seeking the services of a suitably experienced and qualified organisation to provide a banking and custodial service on behalf of the WYPF".

Services covered by the contract include the provision of a domestic banking service to include cash and investment accounts, and the receipt of payments, fund transfers and payment of pensions through electronic means and cheques.

In addition, Bradford Council confirmed an international banking facility is also required to handle overseas investments by the WYPF including stocks and shares certificate handling, fund holding and money transfer and exchange from local currencies to sterling, because currently £1.2bn of its assets represent overseas investments.

The £1.5m contract is expected to begin from April next year, although the successful applicant will also be required to cover a six-month transition period from October 2010.

Elsewhere, the Nuclear Decommissioning Authority (NDA) has appointed Hammonds as legal adviser to its pension funds.

In February, the organisation - which is responsible for the decommissioning and clean up of the UK's civil public sector nuclear sites - issued tender notices for legal and actuarial advisers to all five of its pension funds. (See earlier IPE article: Nuclear authority tenders for advice)

Employees of the NDA receive benefits from the Principal Civil Service Pension Scheme (PCSPS) however it is also lead employer in four other defined benefit (DB) schemes so Hammonds role will be to supply advice on issues such as corporate restructuring and company sales and strategic pensions planning.

The closing date for the West Yorkshire tender is 19 August 2009 and further information can be obtained from Bradford Council's procurement department.

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com

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