UK - The £1.3bn Hertfordshire County Council Superannuation Fund has appointed Standard Life and HarbourVest Partners to manage a £55m private equity brief.
The brief – likely to be worth around £450,000 to the two fund managers – will have assets allocated to it over a five-year period.
The Hertfordshire scheme has around 25,500 active, 11,000 deferred and 15,500 pensioner members and is advised by
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.