Defined Contribution

ITALY - Collective participants joining open Italian pension funds will now be able to nominate administrators, pension watchdog COVIP said.

NEW ZEALAND - Legislation allowing new Zealanders working in Australia to move their retirement savings back to their home country will be introduced into Parliament in the next two weeks, said minister of finance Bill English.

UNITED ARAB EMIRATES - Royal Bank of Canada has expanded its corporate pension trustee and administration business to the Middle East by bringing in two new hires in Dubai.

Friends Provident has unveiled a programme to encourage members to take a more active interest in their defined contribution scheme investments.

AUSTRALIA - The new chief executive of the Investment and Financial Services Association (IFSA) said the mandatory employer contribution rate should increase to 12% from 9%.

Last week the government launched a pilot programme to offer children as young as seven careers guidance.

Stroud and Swindon is to close its defined benefit scheme to future accrual, the building society confirms.

Royal London has gained over £1.8bn in new life and pensions business, marking an increase of 8% in the nine months at the end of September.

It has taken the worst financial crisis in decades, but policymakers are finally taking a long, hard look at exactly what they've offered retirees.

JONATHAN STAPLETON speaks to Daily Mail and General Trust (DMGT) pensions communication and policy manager TERESA BERKENGOFF about its pension quality mark, member communication and an innovative financial awareness programme it is launching for employees....