UK - Barnett Waddingham has replaced Hymans Robertson as the actuarial services provider to the London Pension Fund Authority (LPFA).

The LPFA initiated a tender search for an actuary for the "non-investment matters" of the scheme, valued at £3.1bn (€3.57bn) at the end of April 2009, in September 2008 ahead of the expiry of the existing mandate with Hymans Robertson.

In an update to employers the LPFA highlighted the organisation "has contracted out its actuarial requirements since its inception, and this latest change comes at the end of the current contract and follows a tender process".

Barnett Waddingham took on the six-year actuarial contract on 1 April 2009, and its responsibilities range from preparing triennial valuations and FRS17 valuations to providing actuarial advice on the impact of changes to the Local Government Pension Scheme (LGPS). (See earlier IPE article: LPFA reviews actuary)

The LPFA, one of the largest LGPS with over 73,000 members, also confirmed it is undergoing a "full review of the investment strategy over the summer", a move which follows the termination of its target return mandate run by UBS Global Asset Management in October 2008. (See earlier IPE article: LPFA terminates €233m UBS mandate)

Therefore the organisation - which also provides third-party administration services to other LGPS funds - confirmed the money from the UBS mandate would continue to be held in cash until it makes a decision on its future strategy towards the end of the year.

In the meantime recent figures published by the LPFA revealed the value of the fund had recovered from a low of £2.93bn in February 2009 to £3.13bn by the end of April, although this is still below the £3.57bn in March 2008.

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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