RETIREMENT income expectations far outstrip actual average annuities, with 47pc anticipating more than £25,000 a year, according to new research by Norwich Union.

Resolution legal change boosts chance of Friends tie-up; US sub-prime turmoil claims first British victim; Displaced Remploy workers win £350m subsidy; British billionaire snaps up 7pc holding in Bear Stearns

UK - Local authority pension schemes have reduced their allocation to fixed income and have diversified into alternatives, according to a new survey.

US - The California Public Employees' Retirement System (CalPERS) has moved towards creating a focused inflation-linked asset class that would include allocating up to US$2.5bn in a pilot infrastructure programme.

AGGREGATE defined benefit funding levels fell from a surplus of £51bn in July to one of £27bn in August, latest data from The Pension Protection Fund reveals.

NORWAY - Folketrygdfondet, the manager for the Government Pension Fund - Norway, has issued a tender seeking external financial auditing services for the National Insurance Fund and the €13.3bn Norwegian Public Service Pension Fund.

The California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) will be forced to sell certain holdings linked to Iran, following a new bill passed by the state senate.

US - Ohio attorney general, Marc Dann, has attacked the Bush administration for failing to protect pension fund investors against consumer fraud.

BLACKROCK has bought DC Link in order to bring the administration of its full service defined contribution pension schemes in-house.

CURRENCY overlay managers achieved a median excess return of 0.78pc during the second quarter of 2007, latest statistics from BNY Mellon Asset Servicing reveal.