The £40m (€65.1m) James Beattie Pension Fund has rearranged its investment portfolio and sacked its investment manager, following a decline in surplus that has affected its sponsoring company.

The fund of the department store group let go of its investment manager, understood to be Carr Sheppards Crosthwaite, after an actuarial evaluation showed a fall in surplus from 29% to 11%. The scheme, which previously held 80% in equity and 20% in bonds, has now moved 70% of its assets into fixed income.