A think tank has called for Chancellor George Osborne to create a single "Lifetime ISA" by 2017, saying recent changes to ISAs are not enough to spark a savings culture.

UK pension funds' tendency to herd in the same asset classes could lead to volatility in asset price or economic cycles which could be detrimental for the whole economy, according to a research paper from the Bank of England.

Argentina has defaulted on its debt for the second time in 13 years following a breakdown in talks with bondholders, which could impact pension schemes that invest in emerging market debt funds.

The Association of British Insurers' (ABI) review of legacy workplace pension schemes is "conflicted and ineffective", according to campaign group ShareAction.

The Argentinian default is unlikely to have a material impact on pension scheme fund returns, Towers Watson says.

The Pensions Regulator (TPR) has urged trustees to keep up to date with policy and legal developments by completing newly-created modules in its toolkit for trustees.

Asset managers pile into retirement income space

Towers Watson has urged clients to consider reducing their exposures to high-quality corporate credit in favour of other assets such as bonds and equities.

Mercer has revamped its investment approach for defined contribution (DC) schemes in response to the government's liberalisation of pensions.

JLT Employee Benefits' paid £9.9m to acquire Ensign Pensions Administration from the Merchant Navy Officers Pension Fund in May, according to the firm's half-yearly report.