The £7bn (&euro11.4bn) ICI pension fund has just released details of the reorganisation it completed earlier this year. Masterminded by consultant Watson Wyatt and the in-house team, the reorganisation included the transition of £1.5bn from gilts to corporate bonds in a single week and the creation of the pension fund industry's largest cashflow- matching mandate. More than £4bn is now in a cashflow-matching portfolio managed by Barclays Global Investors (BGI).

The exposure to equities was cut from 45% to 30% of the portfolio and the balance between overseas and domestic stocks was shifted heavily in favour of overseas.