Britain's frugal pension system gives it cutting edge in Europe; Royal Mail loses Whitehall contract; The woman with a key to £4bn treasure chest; Financial services jobs grow to record levels

US - The PBGC will have to pay nearly US$1bn into the Delta Air Lines pilots retirement plan after taking responsibility for payment of pension benefits to more than 13 000 active and retired pilots. 

IRELAND - Canada Life/Setanta and BIAM are Ireland's worst performing fund managers for the year-to-date, according to two investment manager surveys released today.

BRITISH AIRWAYS has released details of its recovery plan thrashed out with unions to close the £2.1bn deficit in its largest staff pension scheme, the New Airways Pensions Scheme.

SOUTH KOREA - Mellon Global Investments has opened a representative office in South Korea to develop its asset management capabilities in the region.

NETHERLANDS - GSAM has been awarded a €240m mandate by Stichting Pensioenfonds voor de Grafische Bedrijven (GBF), the asset manager for the €9bn Dutch printers' pension fund (PGB).

THE ENGINEERING Employers' Federation Staff Pension Fund has appointed DC Link as third party pension administrator to its multi-employer pension scheme.

BENIN - Pension reform is needed before the rising state pension fund deficit puts a strain on the country's macroeconomic stability, an IMF staff report has claimed.

HSBC Investments has launched a new emerging markets fund for institutional investors.

THE PENSIONS Regulator has cleared printer Polestar to sever ties with its pension scheme in return for a payment of £45m.