Europe

UK - Pension schemes which lend securities to hedge funds must bear some responsibility for current global equity market volatility, admits a prominent scheme manager.

UK - British Telecom has dispelled analysts' fears that it will haveto raise employer contribution rates to reduce its rising pension scheme deficit, following the release of its first quarter results.

UK/EU - Lawyers warn that the Inland Revenue must prepare for a backlash from pension schemes for failing to tax early retirement benefits in accordance with a landmark EU ruling.

UK - Legal & General has published its first half figures showing a massive increase in new business and stable profits despite the market downturn.

UK - Mercer Human Resource Consulting has appointed Daniel McCaw as chief executive officer and president.

UK - Tough guidelines forcing fund managers to disclose more information to pension schemes are unlikely to be in place by next summer's deadline.

UK - Friends Ivory & Sime's profits have slid by 11.8% in the half year to June 30, its interim results reveal.

UK - Edinburgh Fund Managers is outsourcing the administration of its Edinburgh Portfolio Pension plans to Marlbrough Sterling.

UK - Conservatives have levelled the blame of the current pensions crisis squarely on the government's shoulders insisting it should take sole responsibility.

UK - Gartmore has appointed Chris Burvill to the new role of head of UK equity income.