The £177m (€256m) BT Retirement Plan, a sister fund to the closed £34.4bn defined benefit BT Pension Scheme, has transferred two active equity mandates from Barclays Global Investors following advice that the manager was no longer "suitable" based on future performance estimates.

The defined-contribution pension fund has transferred a £72m global equity mandate and a £5m UK equity mandate from Barclays and handed the assets to Schroders.