TWO out of five trustees fail to meet The Pension Regulator's requirements for trustee knowledge and understanding, research by Alexander Forbes reveals.

ONE OF the UK's biggest pensions unlocking firms has been fined £182,000 for "systemic" failings in its sales process.

GLOBAL - A report by New Frontiers Advisors and the World Gold Council has concluded exposure to gold should be similar to that of an emerging market or small cap allocation in an efficient portfolio.

SCOTTISH Widows Investment Partnership has been appointed by the Isle of Man government to manage £150m of assets for its National Insurance Investment Account.

PORTUGAL - Portuguese pension funds received average expected returns of 1.4% (m-o-m) for August despite market volatility, said a report released by Watson Wyatt in Portugal.

EUROPE - Pioneer Investments has hired Kate Parker as institutional sales manager for UK and Ireland as it positions itself to further "target" the institutional marketplace.

UK - BNP Paribas has appointed Tony Osborn-Barker as global head of pensions as it seeks to demonstrate its commitment to the pensions sector.

NORWAY - Two Norwegian municipal pension funds worth an estimated total of NOK320m (e38.6m) are seeking a supplier to handle the administration, asset management and underwriting of the schemes.

UK - Although the two-month postponement of the implementation of the new age discrimination regulations was welcomed by the pensions industry, some claimed the delay will bring about a further period of uncertainity.

Henderson Global Investors has launched a special situations hedge fund in a bid to target pension scheme and other investors.