Including: UK - Hammersmith tenders for new consultant; SWITZERLAND - Cantons reject full coverage for public funds; US - Funds sue UBS over fraud claims

In the first of a new series of bi-monthly interviews with scheme managers, ANDREW SHEEN speaks to West Midlands Pension Fund director of pensions BRIAN BAILEY about how the credit crunch has accelerated changes in the £6.5bn fund's investment strategy...

AUSTRALIA - Pension fund members continued to suffer losses in the final quarter of 2008 due to the economic downturn, research shows.

US - The New York City pension funds have called for reports from three US pharmacy chains on how they are responding to increasing pressures to stop the sale of tobacco products.

GLOBAL - All equity markets suffered declines over through the fourth quarter of 2008, Mercer analysis reveals.

Raising Standards of Pensions Administration has launched an updated version of its risk management tool.

UK schemes could receive a refund of more than €1bn (£902m) following a legal challenge against the Dutch tax authorities by the Strathclyde Pension Fund.

Schemes planning to take advantage of rule changes governing the revaluation of deferred benefits do not have to consult members beforehand, a consultant says.

The deficit of FTSE350 defined benefit pension schemes stands at £163bn with £100bn of the deficit shared by just 20 firms, Hymans Robertson says.

Auto-enrolment into workplace pensions will benefit 95% of the working population and 70% can expect to get back twice what they put in, the government says.