UK/US - British oil giant BP is to pay up to $700m into its US pension funds in a bid to offset spiralling pensions deficits.
The move was revealed in the firm’s annual report out this week.
It is not expected that BP will top up its UK and European funds.
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.