UK - The J Sainsbury Pension Scheme is believed to have drawn up a shortlist of five providers for its stakeholder offering, but only three are believed to be in the running for the high profile job.
The supermarket scheme, which has more than 60,000 active members, is believed to have chosen Legal & General, Standard Life, Prudential, Friends Provident and Norwich Union for its shortlist. However, L&G, Standard Life and the Pru are understood to be front-runners.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.