United Kingdom

The transition from defined benefit (DB) to defined contribution (DC) and the growing influence of EU legislation are major issues facing the UK pensions industry, according to Aegon's outgoing director of pensions development Stewart Ritchie.

UK - The London Borough of Wandsworth pension fund is to tender between £475m and £750m (US$948m-$1.5bn) across four new mandates, as part of a restructuring of its portfolio.

UK - The £1.4bn (US$2.79) Cambridgeshire County Council pension fund has awarded State Street Global Advisors (SSgA) a £140m passive equity mandate, following a reshuffle due to manager underperformance.

UK - The union Unite is to scrutinise the actions of pension fund managers to ensure private equity investments do not result in job losses or benefit cuts for its members.

UK - Amendments to the UK Pensions Bill will 'kill off' investments in businesses with defined benefit schemes, Simon Walker, chief executive of the British Venture Capital Association (BVCA) has claimed.

UK - The £330m (US$660m) London Borough of Kingston upon Thames pension fund has tendered for a transition manager.

UK - Pension fund buyout company Pension Corporation has taken over competitor Synesis Life, a source close to the deal confirmed to Global Pensions.

UK - Over 40% of UK defined benefit (DB) pension schemes are expected to have closed to future accrual within the next five to 10 years, up from the current 6%, Watson Wyatt has found.

UK - Figures released by the Office of National Statistics (ONS) reveal many pensioners are living on modest incomes, while rising inflation continues to add to the financial pressures faced by retirees.

UK - Falkirk council pension fund has tendered for a passive manager for a mandate worth between £150m-£325m.