UK - Bank of Ireland Asset Management has appointed the FPS Group to provide outsourced administrative services to its additional voluntary contribution portfolio.
FPS will undertake record-keeping for 5000 members of 40 schemes, both in euros and sterling, and will run an online member service.
Scheme installation is currently in progress and will go live on July 1.
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.