Independent Advisor to Cumbria Pension Fund

Tender description

The Council, as the administering authority of Cumbria Local Government Pension Scheme (the Fund) is conducting a tender for the purpose of procuring an independent advisor to the Cumbria Pensions Committee and Investment Sub Group described in the Specification (Services). The Council is seeking to appoint either one or two named individual as Independent Advisors to the Fund. Bids are welcomed from individuals as well as companies nominating individuals. As at 31 March 2024 the Fund provided a pension scheme for over 64,000 scheme members and 120 employers, with assets of £3.3bn to fund current and future pensions. At the 2022 valuation, the funding level of Cumbria Pension Fund was 110%. The Fund has recognised Border to Coast Pensions Partnership Ltd (“Border to Coast”) as its investment manager of choice and has currently transitioned approximately 50% of its assets to the company. Further details of Border to Coast can be found at: https://www.bordertocoast.org.uk/. The Fund has recently revised its responsible investment policy and is currently undertaking a comprehensive investment strategy review with the results of this scheduled to be approved by Pensions Committee in June 2024. Details of the Fund’s current diverse investment portfolio and investment strategy can be found in the Annual Report available on the Fund’s website. Keywords: Advisor, Pension, Fund, Independent