UK - The General Lighthouse Authorities (GLAs) for the United Kingdom and Ireland have appointed Hymans Robertson to provide advice on a range of pension fund issues.

The three GLAs - which includes the Northern Lighthouse Board, Trinity House and the Commissioners of Irish Lights - initiated a search in February for a provider of actuarial services to both support its existing scheme and establish a new pension fund. (See earlier IPE article: Lighthouse authority seeks actuarial help for new scheme)

Hymans Robertson said it had been appointed by the GLAs to help "modernise its pension arrangements" ahead of the GLAs being granted additional pension powers through the Draft Marine Navigation Bill.

If the Bill - which has been put out for public consultation and pre-legislative scrutiny - is passed the GLAs will be allowed to establish a new funded pension scheme, or schemes, which the consulting firm said would put the authorities' pension arrangements "on a firm footing for the long-term".

Latest figures from the 2006/07 annual report of the General Lighthouse Fund, which funds everything related to the GLAs including the payment of pension benefits as they fall due, revealed an independent actuarial valuation estimated a pension deficit of £347.8m (€450m) at the end of March 2007. 

Douglas Gorman, director of finance and administration at the Northern Lighthouse Board on behalf of the GLAs, said: "We were impressed by the extent of Hymans Robertson's experience in public sector pensions and the innovative ideas they have for helping us to modernise our pension arrangements."

Details from the original tender notice suggest the contract will be for a minimum of four years for services to the existing pension scheme, while the contract for supplying support in the establishment of a separate pension scheme is expected to be eight years.

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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