UK - The £400m Taylor Woodrow Group Pension Life Assurance Fund has dropped active balanced managers Phillips & Drew and Standard Life Investments.
The Southall-based construction company made the changes following a full strategic review of the defined benefit plan. The fund has hired new managers to replace P&D and Standard Life Investments but would not disclose their identity or what briefs they hold.
It is now a possibility that the fund will move away from balanced to specialist management, however, Taylor Woodrow pensions manager John Westgate declined to comment. The fund is advised by Stamford Associates.
By Jeena Nadarajan
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers