The Pension Protection Fund has revised its statement of investment principles, trimming its allocation to cash, bonds and equities as it seeks to capitalise on the illiquidity premia of so-called ‘hybrid’ assets.

Lothian Pension Fund has extended its online member services to allow members to calculate the pension they would get under voluntary redundancy, as well as introducing a data transfer system for employers to ensure accuracy.

Oxfordshire County Council Pension Scheme is axing its allocation to hedge funds in favour of diversified growth funds and infrastructure, as it seeks lower fees and greater transparency in investments.

Consultants have reported more schemes considering bulk trivial commutation exercises, in an attempt to drive down administration costs and liabilities, after the amount members could take as a lump sum was increased.

Northern Powergrid Group Pension Scheme is exploring alternative means of reducing risk as its investment strategy matures, and is reviewing its property investment after “stagnant” performance.

Dorset County Council Pension Fund has moved into infrastructure investment and increased its diversified growth fund allocation after a shift in its investment strategy intended to reduce risk without affecting returns.

Defined benefit schemes have been urged by advisers to take steps to ensure they can continue to recover VAT on professional services, following an unexpected legal interpretation from HM Revenue & Customs.