UK - The £1.3bn (€1.9bn) The Kingfisher defined benefit scheme will now deploy a new pensions head to find a suitable manager for its move into 130/30 strategies.

Its move into the emerging concept is being executed at the same time as the DIY retail group, which includes the brands Hornbach and B&Q stores, has appointed Dermot Courtier as its new head of pensions.

He confirmed to IPE the fund is pursuing 103/30, but declined to comment any further at the moment as he was still trying to "settle in".

"I have literally just taken over from Colin Hately," Courtier said.

He joined Kingfisher from Towers Perrin's ExcellerateHRO benefits administration services. Before going to Towers Perrin in 2003, Courtier had been head of pensions for the UK's Royal Mail group.

Kingfisher revealed last month it intends to go 130/30 so is still investigating the most suitable candidate manager.

The Kingfisher defined benefit scheme holds pension benefits for over 42,000 members is closed to new entrants, so the group offers new employees access to a defined contribution scheme.