THE government's plan to shore up the battered UK banking sector with a £50bn emergency share capital package and a further £450bn of loans and guarantees to boost liquidity has been well-received by the pensions industry.

Trustees who believe they have complied with conflict of interest requirements under the Companies Act could remain in breach of the law, Allen & Overy warns.

BA shares hit turbulence over pension fund worries; Bank shares rocked as nationalisation rumours rampage through markets; Pensions: Downturn has wiped one fifth off retirement funds; House price falls spur comeback for pension savings; Defined benefit...

A FURTHER 3pc of private sector defined benefit pension schemes closed to new members in the past year, latest National Association of Pension Funds research reveals.

The Pension Protection Fund transferred another four collapsed pension schemes to its control last month.

Trustee boards are struggling to meet their legal obligation to be one-third member-nominated, Trustee GAAPS says.

The government is to establish an Investment Governance Group to implement the updated and simplified Myners principles.

UK - A further 3% of UK private sector defined benefit pension schemes closed to new members in the past year, the latest research from the National Association of Pension Funds has revealed.

EUROPE - The European Parliament Committee on Economic and Monetary Affairs (ECON) voted yesterday to agree the text of the Solvency II Directive, paving the way for the separation of the IORP and Solvency II legislative frameworks.

US - Pension funds have lost over $1trn since the credit crunch began just over a year ago, a congressional committee has been told.