* The Government-appointed Public Funds Investment Committee advises the Ministry of Finance on more than $1.3 billion in public pension funds.

* The PFIC, in turn, receives advice from consultants as to the best pension fund managers to handle the money. FIS Group, a small Philadelphia-based firm, was appointed consultant in December, 1999 after a tendering process.

* The contract — worth about $320,000-a-year, according to FIS’ lawyer — was put out to tender again in May, 2006. FIS lost out to New England Pension Consultants Inc., one of the ten largest investment consulting firms in North America. When the contract was awarded, NEPC had 239 clients and some $200 billion of assets under advisement.

* Bermuda has no legislation concerning the practice of so-called “pay-to-play” — when pension fund professionals make financial contributions to politicians in order to keep or secure government contracts. But a code of conduct for all those involved in the running of public pension schemes was implemented in 2005 after an independent governance review of the system.

*Several states in America have introduced laws to try to curb pay-to-play. West Virginia, for example, bans campaign contributions to any state candidate, party or political committee from those seeking a government contract.