PENSION scheme deficits have shrunk by £38bn in the past 12 months and the average scheme funding level has reached 99pc, according to Aon Consulting.

US - The number of retirees who have seen their benefits reduced after falling into the Pension Benefit Guaranty Corporation (PBGC) scheme has increased by 10%.

CANADA - Canada Pension Plan Investment Board (CPPIB) has warned pension schemes could face restrictions on alternative investments if governments move to include them in legislation restricting investment by sovereign wealth funds.

UK - Suffolk County Council pension fund has appointed two active currency mandates to Millennium Global Investments and Record Currency Management, worth £500m (US$1.03bn).

UK - Pension funds that recently invested in corporate bonds could have locked in lost returns of £500m or more when compared to government bonds, according to the investment practice of Hewitt Associates.

Downturn wipes out shortfall; Bank in dilemma on interest rates; Morgan Stanley alert over UK's ‘mismanaged' economy; Rivals for Northern Rock hope to supplant Virgin

A NEW firm has been launched to help trustees and pension managers select their investment consultant.

Here it is - a full list of the winners of Professional Pensions' inaugural Specialist and Alternative Investment Manager Awards.

TRUSTEES should retain powers that the government's deregulatory review may threaten, the GMB union urges.

Including: UK - Ashcroft quits regulator; NORWAY - Ernst & Young auditing award; UK - Aon chairman steps down after 12 years; UK - SPA launches multi-currency ETF trading; UK - Punter Southall appoints new principal