UK - Mothercare's pension funds have dropped Legal & General Investment Management, Merrill Lynch Investment Managers and SG Asset Management following an investment review.
Prior to the review, the schemes - the £65m Mothercare Staff Pension Scheme and the £56m Mothercare Executive Pension Scheme - had most of their assets in index mandates and active equity briefs with the three fund managers.
However, Mothercare pensions manager and scheme secretary Annie Brent said the schemes’ performance had suffered during the bear market and had changed their strategy to focus on absolute returns.
The schemes’ new fund managers are New Smith, Artemis Investment Management, Barclays Global Investors and UBS.
New Smith and Artemis will run UK equity mandates for the schemes, UBS will fund a global equities brief, while BGI will run manage the schemes’ currency exposure.
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.