A majority of 60% of WPP shareholders voted against chief executive Sir Martin Sorrell's £6.8m pay package yesterday, in an embarrassing defeat for the advertising agency's outspoken boss.

The code of conduct on enhanced transfer value exercises and pension increase exchanges has thrown into question the degree of responsibility trustees have in ensuring members are treated fairly.

Institutional investors are increasingly incorporating the UK Stewardship Code into overall investment approaches, the Investment Management Association has found.

The Pensions Regulator has published a list of key features that defined contribution schemes "need to be able to demonstrate" to show they will deliver good outcomes for savers.

Default funds are firmly in the industry's spotlight after the Association of British Insurers and the Investment Management Association announced joint initiatives to "build standards" in the area.

The government will not come to a firm answer on the question of small pension pot consolidation despite an industry-wide consultation on the issue initiated by pensions minister Steve Webb.

WPP is facing a bruising executive pay defeat at the hands of rebellious shareholders at its AGM on Wednesday.

The Association of British Insurers has downplayed the impact of charges on pension pots, pointing instead to the importance of increasing contributions and saving earlier.

The industry has welcomed the code of conduct on enhanced transfer value exercises and pension increase exchanges, but questions remain over how it will impact take-up of offers.

The People's Pension has unveiled its "starting" trustee board, composed entirely of independent trustees.