Investment

EUROPE - European Commission Green Paper proposals for an adjusted version of Solvency II standards for pension schemes could force firms to hold huge unnecessary surpluses, the Confederation for British Industry said.

NETHERLANDS - The Dutch merchant navy pension fund (Bedrijfspensioenfonds voor de Koopvaardij) is to take a stake in its asset manager, Mn Services.

Saga was the only top five annuity provider not to cut rates following George Osborne's emergency Budget on June 22, Alexander Forbes Annuity Bureau says.

AUSTRALIA - Industry superannuation fund Media Super has agreed to offer a A$20m (US$17m) loan to help indirectly finance Australian film and television programmes.

GLOBAL - Highly volatile markets combined with uncertainty over the sovereign debt crisis will stunt institutional inflows for the rest of the year, research by McKinsey & Co suggests.

Friends Provident has unveiled a corporate investment platform guide for trustees and employee benefit consultants.

Legal & General and Hymans Robertson have unveiled a health liability insurance plan which could save local government pension scheme sponsors hundreds of thousands of pounds.

Hewitt Associates has launched a service offering pension funds access to long term sustainability themes.

Surging annuity prices and the lack of market confidence in European economies will force employees to work longer in order to retire on a reasonable income, Mercer says.

RUSSIA - Russian Finance Minister Alexei Kudrin's proposal to raise the retirement age is an attack on the United Russia party that Prime Minister Vladimir Putin chairs, a senior party official said.