Funds in LGPS Central will be given additional assistance to assist collection and analysis of investment costs after the pool partnered with KAS Bank.

This week's top stories included HSBC's scheme completing a £7bn longevity swap with PICA and the government announcing it would review the tapered allowance for NHS scheme members.

The Cadbury Mondelēz Pension Fund has agreed a £520m buy-in with Rothesay Life, insuring benefits for around 1,900 pensioner members.

UK gross domestic product (GDP) contracted in the second quarter for the first time since 2012, the Office for National Statistics said in its latest report, meaning the UK is only one negative quarter away from a recession.

Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.

Phoenix Life has completed a £1.1bn buy-in with its own defined benefit (DB) plan, the PGL Pension Scheme, it has announced.

Legal & General (L&G) completed £6.3bn of buy-ins and buyouts in the first six months of the year, with another £923m deal completed in July, the firm's half year results confirm.

The HSBC Bank (UK) Pension Scheme has hedged its longevity risk with Prudential Insurance Company of America (PICA) in the second-largest ever deal of its type.

Quilter has sold its heritage life and pensions devision, Old Mutual Wealth Life Assurance Ltd, to ReAssure for £425m.

Guy Opperman will remain in post as pensions and financial inclusion minister, it has been confirmed.