Legislation

GLOBAL - Constellation Capital Management, an Australian investment boutique, has launched a new benchmark system designed to help pension funds overcome the sector quirks of a home country bias and diversify into international markets.

UK - Trustees will get new powers to change scheme rules without employer consent when a government clampdown on discrimination of disabled workers takes effect.

UK - The Conservatives have attacked the government's pension policies after new figures showed only 40% of FTSE350 firms have an open final salary scheme.

UK - Companies will have to undertake a massive education exercise to ensure members understand that money purchase schemes are not covered by government protection measures, consultants say.

UK - Firms are being warned not to play "fast and loose" with FRS17 investment return assumptions to boost their waning accounts.

UK - Companies are looking at selling bonds in a bid to plug pension scheme deficits and take advantages of low interest rates.

UK - The Society of Pensions Consultants has teamed up with the Law Society to look at pensions sharing on divorce.

UK - Schemes will be forced to contract back into the state system if same-sex couples get the same rights as married people, lawyers claim.

UK - Fund managers and consultants are predicting mandates worth "billions of pounds" in the wake of the government's decision to set up a Pension Protection Fund.

UK - Scheme managers have accused the Actuarial Profession of "losing its grip on reality" by suggesting that all members receive copies of actuarial reports.