The policy has the support of the majority of board members but others argue the vague language can be used against board members who dissent.

Investment board member Tilly Franklin will lead the fund, after Nick Cavalla’s sudden departure last year.

Actuarial firms, bankers and insurance companies have been urging U.S. defined benefit plan sponsors to transfer their liabilities to a third party. Transferring the total liability has proven too onerous for most plan sponsors, so these institutions have been pitching partial risk transfers (PRT) instead. However, the touted long-term cost savings and pension risk reduction may turn out to be underwhelming, if not elusive.

Firm looking to distance itself from troubled past.

Retirement system also met or surpassed yardstick for three, five, and 10 years.

SKL Professional Recruitment is also accused of lying to The Pensions Regulator.