THE MITSUI Babcock Pension Scheme has appointed Barings Asset Management to administer its multi-million-pound fund.

AUSTRALIA - Moves by superannuation funds to build up their in-house expertise, and the increasing dominance of the multi-manager, have led some in the Australian industry to question the sustainability of the "pure" asset consultant going forward.

PPF starts payments; Pensions need £175bn for longevity risk; Firms will miss age discrimination deadlines; US dollar plunges to a 14-year low

UK - Pension funds will take time to adjust to the "complex" new age discrimination laws, and ministers should take a flexible "common sense" approach when enforcing them, the National Association of Pension Funds (NAPF) has claimed.

Lawyers predict more clashes between the pensions ombudsman and the courts after judges reaffirmed that scheme rules take precedence over booklets and letters to members.

THE PENSIONS Protection Fund has made its first direct payments to members of occupational pension schemes.

COMPLYING with the pension provisions of age discrimination legislation could cost companies up to £1m, businesses say.

SOUTH AFRICA - State-owned pension manager Public Investment Corporation (PIC) has announced plans to withdraw one quarter of its assets - valued at ZAR146bn (US$20.5bn) - from five fund managers to invest in-house.

UK - The Pension Protection Fund (PPF) today begins its first direct payments to UK pensioners.

THE PENSIONS REGULATOR has published the results of its review into the form and content of pension scheme reports and accounts.