UK/SWITZERLAND - Newcastle Building Society is moving its pensions business to Swiss firm Zurich Financial Services after 13 years with Norwich Union.
It takes effect from March 2003 and sees Zurich providing financial solutions including Threadneedle pensions, to the society’s 450,000 members.
ZFS recently announced partnerships with the Bristol & West and Market Harborough building societies.
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.