Aon has sold its US retirement business to Aquiline and its Retiree Health Exchange operations to Alight to facilitate its merger with Willis Towers Watson.

The Treasury has ruled out any immediate changes to pensions tax relief, noting the “profound and far-reaching impacts” of an overhaul.

Sackers has elected David Saunders as its next senior partner, taking over from Ian Pittaway, who steps down after 16 years at the helm.

British Airways Pensions has decommissioned its in-house investment operations, moving all assets to BlackRock as outsourced chief investment officer (OCIO).

Transport for London (TfL) will carry out a review of its pension scheme and reform options with an “explicit aim” of moving the fund into a “financially sustainable position”.

Global travel firm Tui has agreed two buy-ins worth a total of £794m with Legal & General (L&G) Assurance Society, insuring two sections of the Tui Group UK Pension Trust.

Nearly of a quarter of pension schemes required to retender their fiduciary manager had not started the process as of last month, says XPS Pensions Group.

Turbulent markets damaged fiduciary managers’ ability to achieve client-specific objectives, says Isio, with none meeting the target.

A Pfizer Group-sponsored defined benefit (DB) pension scheme has completed a £190m buy-in with Aviva, following a slow start to the year in bulk annuity business for the insurer.

The Allied Irish Bank (AIB) Group UK Pension Scheme has agreed a pensioner and deferred buy-in with Legal & General (L&G), converting an assured payment policy (APP).