The Finance Ministry has engaged Canadian consultants Morneau Sobeco to conduct the probe into the running of public pension funds.

The firm are expected to finish the Governance review of investment manager selection and consultant disclosure requirements within three months.

The probe comes after ?pay-to-play? accusations which have seen Calvin White removed as Chairman of the Public Funds Investment Committee after revelations he organised a fundraising golf day for the PLP and invited 47 US money managers.

And there was controversy when it was revealed Government pension consultant Tina Byles Poitevien arranged a fundraising lunch for Transport Minister Ewart Brown in Washington in 2002 with current or potential money managers or stockbrokers of the Bermuda Government pension funds being asked to pay $2,500 towards Dr. Brown?s personal campaign fund for the 2003 election.

Ms Cox said the review will take into account legislation governing public sector pension investments and compare practices and procedures with best practice to ensure Bermuda?s standard were current and robust.

She said: ?Morneau Sobeco is an industry leader in retirement, benefits and asset consulting services.

?Their core business includes consulting and administrative solutions for compensation, retirement and benefits plans, including asset management and governance reviews of pension funds.

Ms Cox said that committee was advised by technical officers from the Ministry of Finance, Accountant General?s office and Bermuda Monetary Authority while the investment consultant also had input.