Train drivers set to go on strike; Pensioners to outnumber children; Slow annuities market hits Pru UK sales; Banks' earnings downgraded

Workers switching jobs before retirement face 25% pension cut; Union chiefs ratify Royal Mail deal; Chancellor rejects calls for tax U-turn; Standard and Swiss Re face pressure over Resolution bid

NEW ZEALAND - The guardians of the state superannuation fund have decided to divest NZ$37.6m (US$28.2m) of tobacco holdings, to better comply with the fund's responsible investment framework.

EUROPE - The majority of European institutional investors believed new regulations, due next month would increase transparency and integrating capital markets, according to research from Greenwich Associates.

COSTS of providing generic financial advice should be borne equally by government and the financial services industry, the interim Thoresen Review report says.

EUROPE - The European Federation for Retirement Provision (EFRP) has appointed Angel Martinez-Aldama as chairman and Christian Böhm as second vice chairman.

THREADNEEDLE has launched the first fund in its 130/30 strategy range.

UK - Proposals for easing the burden of regulations on employers providing pension schemes unveiled by minister for pensions reform Mike O'Brien, have been slammed by unions and experts.

UK - Britain's rapidly ageing population will create a significant problem for future pensions according to figures released today by the Office of National Statistics (ONS).

Including: UK - Morse appoints new consultants; US - Threadneedle goes 130/30; UK - Axiom's new MD and expansion; UK - Gartmore appointment; US - Russell launches DB plan review