UK - Norwich Union has selected Aquila to provide the administration system for its insured defined benefit scheme portfolio.
The system’s implementation will be completed in early 2003.
Norwich Union director of defined benefit pension schemes Pete Hardy said: “In Aquila we have the ideal partner to deliver the system, which will enable us to provide a comprehensive, efficient and cost-effective service to our schemes and their members.”
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.