The London Pension Fund Authority (LPFA) has been named as the preferred bidder to deliver administration services for Hertfordshire’s Local Government Pension Fund.
LPFA will provide services to 197 employers and 72,575 pension fund members across the county and will also administer the Firefighters’ Pension Scheme for 1,294 members of Hertfordshire Fire and Rescue Service.
The new eight-year contract will replace an existing contract which comes to an end in March 2011.
David Lloyd, executive member for Resources and Economic Well-being, said: “This new contract brings together even more public sector and not-for-profit agencies in the county and will save the fund around £1.6m in administrative costs over the life of the contract.
“We are looking forward to working with the LPFA and the other employers in the Hertfordshire scheme to deliver a high quality service which will help all concerned carry out their work as effectively and efficiently as possible.”
The Local Government Pension Fund in Hertfordshire is administered by Hertfordshire CC. The scheme includes district, borough, town and parish councils, university and colleges, not-for-profit organisations and contractors who have taken on staff from councils.