GERMANY - Watson Wyatt Worldwide has bought 20% of German insurance consultancy, Institut für Finanz und Aktuarwissenschaften (ifa), for an undisclosed amount.

Ministers look as though they are going to bow to industry pressure over the level of contributions for the proposed personal accounts.

THE GOVERNMENT Actuary's Department has been forced to issue guidance and interim measures after withdrawing all "passports" for the Local Government Pension Scheme.

UK- The National Association of pension fund has thrown its weight behind government proposals to establish personal accounts as a trust-based occupational pension scheme.

FIDELITY International has launched a clutch of online tools to help members of defined contribution pension schemes plan more effectively for their retirement.

THE PENSIONS Regulator has updated its guidance on cross-border activities.

Seilern Investment Manage­ment has launched a new fund - Stryx America - that aims to select the best firms across the US.

PRUDENTIAL M&G has launched a new secured long-term property fund that, it claims, will outperform gilts.

MAN Group is funding a quantitative finance research institute at Oxford University.

Most workers will fail to get a two-thirds final salary pension from the government's proposed personal accounts, a report by the Pensions Policy Institute reveals.