Any other business: Asset manager Pimco has been making headlines in the past week after the departure of CIO Bill Gross. It was a perfect example of 'key-man risk’, leaving schemes to reassess any reliance on a star performer.

Lothian Pension Fund has completed the first full year of governance reforms designed to increase representation for stakeholders and strengthen processes.

Defined contribution pension schemes should offer members the option to include social impact investments in their portfolio, a government-led taskforce has said, but consultants foresee barriers to take-up.

Consultants have again predicted greater interest in transfers out of defined benefit schemes following the proposed removal of inheritance tax on pension pots, while others doubted the changes would have much impact.

Kent Pension Fund has moved £150m of its equity holdings into cash and increased its allocation to property, as it seeks to capture gains ahead of anticipated volatility.

Industry figures have called for flexibility to be built in to defined contribution solutions, as the first post-Budget products aimed at members looking to draw down income at retirement reach the market.

Benefit consultants have reported that as many as three-quarters of their defined benefit scheme clients are considering incentive exercises to reduce their risks following the introduction of the Budget freedoms.

Channel 4 plans to close its defined benefit pension scheme after its deficit more than tripled, having paused its consultation to give members a chance to understand the personal impact of the changes.

The lifting of restrictions on contributions and transfers to state-backed mastertrust Nest will make it more compelling for employers, but a rival mastertrust has called for oversight of its funding arrangements.

An industry survey has shown understanding risk is the biggest challenge for defined benefit pension scheme trustees, sparking debate over whether trustees need more sophistication, or whether scheme choices need simplifying.