Legislation

UK - The Treasury confirmed the annual allowance will be cut from £255,000 to £50,000 and the lifetime allowance reduced from £1.8m to £1.5m.

IRELAND - Almost 80% of Ireland's defined benefit schemes have already closed or are likely to close to new employees, research shows.

IRELAND - The Pensions Board has agreed to extend the timeframe for defined benefit schemes to submit their funding proposals.

EUROPE - The European Court of Justice may equalise annuity rates for men and women, but doing so could make women's pension income even worse, experts warn.

The European Parliament and Council Presidency will meet today to discuss the Alternative Investment Fund Managers directive.

Legislation allowing trustees to override RPI written in the trust deed and switch to CPI would not be in members' best interests, delegates heard.

FRANCE - President Nicolas Sarkozy has announced plans to amend France's pension reform to prevent parents who interrupt their careers to raise children from being penalised.

It is inevitable pension legislation across the European member states will become more harmonised in spite of reluctance from some countries, delegates heard.

The British Chambers of Commerce has aired concerns about auto-enrolment, claiming it places pressure upon smaller and medium sized businesses.

US - The Council of Institutional Investors (CII) has pledged its support to the SEC's new proxy access rules, which are to be challenged in court by US businesses.