The Treasury has confirmed it will protect long-serving final salary scheme members after it increased the factor used for valuing benefits against the annual allowance from 10 to 16.

The annual allowance will be cut from £255,000 to £50,000; the lifetime allowance reduced from £1.8m to £1.5m, and the factor for valuing final salary benefits increased from 10 to 16, the Treasury has announced.

The National Association of Pension Funds has closed its final salary scheme to new members after liabilities soared by nearly 50% during 2009, PP has learned.

There are basically only three ways to reduce the costs of public sector pensions: raising contributions, increasing the pension age or cutting benefits.

Four Capital Partners has hired former Morgan Stanley Investment Management manager Colin McQueen to set up a global equities offering at the firm.

F&C Investments has hired Alice Evans as a senior fund manager in its global thematic equities team.

Lord Hutton has asked government to look at the discount rate used to value public sector pensions as he believes it is too high.

Aon Hewitt has named Yvan Legris, former president of global consulting at Hewitt Associates, as chief executive of UK, Europe, Middle East and Africa.

Now they have resolved their own pension issues, the staff at the BBC can focus their ire elsewhere.

UK - BAA Pension Trust - the trustee of the BAA Pension Scheme - has appointed Xafinity Paymaster to provide third party administration services for their DB pension scheme covering over 20,000 members.