Europe

UK - Firms which close defined benefit schemes risk lengthy legal wrangles when disgruntled workers realise the benefits they have lost.

UK - Threadneedle Investments - part of Zurich Financial Services - is creating a new high alpha group as part of a reshuffle of its UK equities team.

UK - Pensioners will gain on average £400 a year from the Pension Credit Bill when it is introduced in October 2003, the Department for Work and Pensions claims.

UK - Moving from equities into bonds to satisfy FRS17 commitments offers a poor long-term matching of liabilities.

UK - Sun Life Financial of Canada has launched an equity partner group risk cover plan which is applicable for both business partners and employees.

UK - Low paid workers investing in DC schemes should invest in high risk funds rather than lower risk options.

UK - An independent "education service" that enables members of defined contribution schemes to gauge their future retirement income has been launched by Towers Perrin.

UK - The Financial Services Authority has eased the pressure on life insurers to meet regulatory solvency levels by reducing its "resilience" test.

EUROPE - The tie-up between settlement houses Belgian Euroclear Group and UK-based Crestco has promised to cut market costs, by as much as 90% in some cases.

UK - CTC, the specialist financial software and services provider, is promising to cut pension scheme costs by making its Pensions Analysis and Targeting System (PAT) available through the Internet.