UK - The Church of England Pensions Board has appointed Shaun Farrell as its new secretary. He will take over from Roger Radford who retires in September after 20 years as the board's secretary and treasurer.
Farrell is currently financial secretary and director of central services for the Archbishops’ Council. Prior to that he worked for the Church Commissioners as commercial property manager and stipends and allocations secretary.
The board oversees more than £600m in funds, including the clergy pension fund established in 1998.
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.