UK - DC specialist Winterthur Life has appointed a non-executive director and special adviser to its board in a bid to "reinforce" its corporate governance regime.
Managing director and global head of investment banking at Putnam Lovell NBF Securities Ian Brimecome will act as nonexecutive director, while Rod Schwartz, a fund manager and venture capitalist, will act as special adviser.
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.