BlackRock has won a mandate to manage liabilities worth £1.5 billion for the LV= pension scheme, resulting in a cut in the funds run by Columbia Threadneedle, a long-term strategic partner of the UK life assurance group.

LV='s final salary pension scheme owned assets worth £1.3 billion at the end of last year, roughly in line with its liabilities, according to the sponsor's annual report published in December.