The Universities Superannuation Scheme has opted for a more thorough covenant assessment due to changes in higher education funding and an expected increase in its deficit from this year’s triennial valuation.

Legal experts have reported that schemes caught by the recent change in the definition of money purchase are trying to amend their benefits structures to remove the additional risk of guarantees.

Diageo Pension Scheme has switched 5 per cent of its assets from its growth to its matching portfolio after hitting a derisking trigger, tipping its investment balance towards holdings that track liabilities.

Xerox Final Salary Pension Scheme is planning a resolution allowing it to continue to make repayments to its sponsor, but legal experts are split on whether such a move is necessary or will even be effective.

Local authority schemes have raised concerns over whether incoming pensions boards can be combined with their existing section 101 committees, one of the options in the government’s consultation on governance in the Local Government Pension Scheme.

The London Borough of Bromley Pension Fund is considering a 10 per cent allocation to illiquid assets to provide greater returns and inflation linkage, in expectation of turning cash-flow negative within seven years.

Defined benefit schemes are showing increased interest in illiquid alternatives as they hunt greater yield and diversification, but many lack sufficient resources and the confidence needed to execute such investments.

Trustees and employers offering money purchase benefits may face increased member communication and valuation requirements as a result of the government’s new statutory definition.

Vodafone has contributed £325m to its defined benefit scheme as it completes the transfer of the Cable & Wireless Worldwide Retirement Plan, after purchasing the rival telecoms company in 2012.