UK - Northern Trust has retained its global custody, securities lending, cash management and performance monitoring brief at Strathclyde Pension Fund for another five-year term.
Strathclyde’s head of pensions Richard McIndoe said the reappointment was based on Northern Trust’s proven client service model and its “technical and product leadership”.
This will be Northern Trust’s second five-year contract as global custodian to the fund which, with 152,000 members, is one of the largest local authority schemes in the UK.
Northern Trust senior vice-president Paul Cutts commented: “The selection to retain Northern Trust by Strathclyde is a great endorsement of our growing business relationship.”
• The £5.2bn Strathclyde Pension Scheme is considering increasing its employer contributions from 13.2% to 15%, despite holding a surplus.
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.