THE Financial Services Authority has fined AWD Chase de Vere Wealth Management £1.12m for "serious failings" in its pension transfer, pension annuity and income withdrawal business.

UK - Pension funds are continuing to move assets out of equities and into other investment classes, the National Association of Pension Funds says.

Scheme shortfall grows; HBOS takeover plan loses momentum as big shareholders express scepticism

US - A class action has commenced against the Federal National Mortgage Association (Fannie Mae) for alleged violations of the Employee Retirement Income Security Act (ERISA).

A FURTHER five defined benefit pension schemes entered into the Pension Protection Fund last month, resulting in an additional 1313 people around the UK receiving compensation.

ITALY - The circa €660m (US$840.9m) open pension fund Arca Previdenza is set to receive new members following a decision by supervisory authority COVIP that the €3m Fondo Pensione Complementare Nazionale Famiglia will be liquidated, MandateWire reports....

THE Association of Member-Directed Pensions Schemes has announced its committee for the forthcoming year following its annual general meeting.

INVESTORS are better off saving for their retirement by depositing money into savings accounts than investing in occupational pension schemes, Ros Altmann warns.

Pension funds set to flee equities; UK pensions strategy needs complete rethink to be safe

THE aggregate funding position of the 7800 defined benefit funds monitored by the Pension Protection Fund worsened by £17bn in October, the lifeboat fund says.