US - The American Benefits Council (ABC) has called on the Pension Benefit Guaranty Corporation (PBGC) to use "more reasonable" market-based assumptions when calculating deficits, and to increase its equity allocation.

THE ACCOUNTING Standards Board could implement non-mandatory pensions reporting statements early next year, PP has learned.

EUROPE - Nikko Asset Management, the Japan-based asset management group, has appointed Charles Beazley president of the firm's European operations.

UK - British Airways' has included the option of a normal retirement age of 60, but one workers union this morning again insisted on keeping the retirement age "below 60".

BRITISH AIRWAYS has revised its pension proposals to allow a normal retirement age of 60 in return for increased contribution rates.

US - The net general fund retirement costs for California will increase from US$3.5bn in 2006-07 to $5.6bn in 2011-12 - representing a 60% increase in just five years - the Legislative Analyst's Office (LAO) has claimed.

AGE DISCRIMINATION rules are making it difficult to calculate ill-health pensions, oil giant Shell claims.

US/UK - US pension plan managers take a more aggressive investment approach to equities than their UK counterparts, while pension plans have a markedly higher impact on UK companies, Aon Consulting has found.

Unions give BA pension proposals cold shoulder; RTL and buy-out firms eye ITV bid

ITALY - The Bank of Italy has called for the retirement age to be raised in order to ensure the financial sustainability of the insurance system.