UK - The £26bn (€38.5bn) Universities Superannuation Scheme is looking for a UK smaller companies portfolio manager to strengthen its UK equities team.

Ben Levinstein, currently UK equities portfolio manager together with Fraser Slater, said that this appointment is not directly linked to the fund's asset allocation. "We are just seeking to expand the team by one person."

Earlier this month, institutions participating in the USS, the occupational pension scheme for academic and academic related staff, voted to retain the final salary scheme. However, several changes will be introduced from next year to address the longevity challenge and the increasing costs of the scheme.

"New joiners to the scheme from 1 March 2007 would have a standard normal retirement age of 65, irrespective of the terms of their employment," the USS said in a statement. Employers who are granting retirement before the age of 60, for reasons other than incapacity, will have to pay for the extra costs themselves.

However, the fund stressed that "special arrangements will be put in place to exempt retirements agreed before the announcement".