Investment

The Chartered Institute of Personnel and Development is to close its defined benefit pension scheme to new members from January.

GLOBAL - Private pension funds have not been using benchmarks that measure them against their long-term goal of providing income replacement, a preliminary report by the Organisation for Economic Co-Operation and Development (OECD) found.

Current incentives to defer taking a pension are so attractive they provide a "back door" state retirement age of 70, the Institute of Directors says.

The proposed European Union directive to regulate alternative asset managers could cost investors some €5bn (£4.6bn), a report commissioned by the Financial Services Authorities reveals.

The Liberal Democrats have urged the government to act quickly to finally resolve Equitable Life compensation.

The Pension Protection Fund levy should be limited beyond the two years horizon recently decided, the National Association of Pension Funds says.

The Labour party will not scrap the tax relief on pensions for people who earn less than £150,000 a year, secretary of state for work and pensions Yvette Cooper says.

Each month DC World asks readers for their views. This month we ask: What effect has the recent equity market rally had on DC funds? Do members have reason to be cheerful?

EUROPE - The cost of an ageing population in Europe is expected to "dwarf" the impact of the current financial crisis many times over, a European Commission report revealed.

DENMARK/UK - Danish pension fund and administration provider ATP has pulled out of the running for the personal accounts administration contract in the UK, PADA has confirmed.