UK - Alister Green has retired after nine years as chairman of the £1.7bn (€2.4bn) Social Housing Pension Scheme (SHPS).

Green, 59, leaves the fund this month, and will be replaced by Colin Small, who has been a member of the SHPS committee for the past five years.

He will stay on as a member of the pension fund committee, which monitors the fund's administration and investment performance by its administrator, The Pensions Trust.

The SHPS is the industry scheme for the social housing sector, set up in1977, and has more than 700 participating employers.

The fund has recently undergone an overhaul, including a move to career-average pensions, as it sought to contend with being just 85% funded.

Since April 2007, employers can opt to remain with the old final salary 1/60th accrual rate, shift to a 1/70th rate or move to a career-average salary arrangement with a 1/60th accrual rate.

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