Cheshire West and Chester Council is the administering authority for the Cheshire Pension Fund. The Council administers the Fund for the employees of Cheshire West and Chester Council, Cheshire East Council, Warrington Borough Council, Halton Borough Council and 109 other employers and admitted bodies.
As at 31.3.2011 there were approximately 73 000 members – with 31 300 active members, 21 600 pensioners and 20 100 deferred. Contributions income for the year to 31.3.2011 was 150 000 000 GBP, and investment income was 47 000 000 GBP. Benefits expenditure for the year was 130 000 000 GBP.

The primary objective of the Fund is to provide for member’s pension and lump sum benefits on their retirement or for their dependant’s benefits on death before or after retirement, on a defined benefit basis. The funding strategy statement, Annual Report and statement of investment principles are available on the Fund’s website www.cheshirepensionfund.org.uk.

The legal framework for the investment of the Fund is contained in The Local Government Pension Scheme Regulations. Tenderers must be familiar with the content of these Statutory Instruments, and must be suitably qualified to provide the Council with ‘proper advice’ in accordance with the Regulations.
At present the Fund operates one investment strategy and is currently seeding new Absolute Return mandates from UK Equities to achieve the strategy’s target benchmark asset.”.
Information for OJEU Notice.
— The contract will be with Chester West and Chester in its role as Administering Authority for the Cheshire Pension Fund,
— The main place for the performance of the contract is HQ, Chester,
— Description of contract.
The provision of strategic investment advice to the Cheshire Pension Fund for a period of 5 years within a capped fee contract (maximum total value cost envelope of 267 000 GBP).
The successfully appointed consultant will be responsible for:
— Performing 2 full investment strategy reviews in 2013 and 2016 to coincide with next formal valuations of the Fund,
— An annual review of investment strategy (Health check) in each of the intervening years – 2012, 2014, 2015,
— Providing strategic advice on setting, implementing and monitoring investment objectives and strategy including the determination of a risk budget, asset allocation and appropriate investment management structures and benchmarks over the long, medium and over shorter tactical terms,
— Providing advice in relation to de-risking and developing appropriate de-risking strategy(ies),
— Providing advice and research capabilities on asset classes, investment vehicles and investment managers,
— Providing advice on strategic risks at Fund level in the context of the Council's funding objectives and liability structure of the scheme membership and strategies to manage these risks,
— General strategic advice related to the Funds investments,
— Ad hoc updates on significant market, economic and regulatory issues,
— All advice must be tailored to the specific needs of the Cheshire Pension Fund and the funding target and strategy of the Fund.
In addition the Council also requires the following service delivery from its investment consultant. The appointed consultant will be expected to:
— Attend the quarterly Pension Fund Committee meetings at a Council site within the Borough of Cheshire West & Chester,
— Attend and facilitate quarterly Committee training sessions meetings at a Council site within the Borough of Cheshire West & Chester,
— Attend ad-hoc meetings agreed with officers at a Council site within the Borough of Cheshire West & Chester,
— Reply to requests for advice from the Council in a simple and concise manner, within agreed costs and time limits, either in writing or by e-mail unless otherwise agreed.
The Council requires the successful consultant to provide advice and assistance with effect from 1.6.2012.