Europe

PORTUGAL - The IMF has said that the Portuguese pension system remains fundamentally unsustainable, despite earlier pension reforms and to stabilise the system, pension benefits may have to be reduced.

EUROPE - PIMCO has promoted Joe McDevitt, head of PIMCO Europe, and Scott Mather, head of fixed income in Munich, to the post of managing director.

UK - The National Audit Office "manipulated the facts" to reach its estimate that 10,000 people will be affected by the £1.4m savings cap, a consultant claims.

UK - Kwik-Fit Financial Services has unveiled a £300,000 flexible benefits payout bonus for staff.

UK - Merrill Lynch Investment Managers is selling the Football Association's headquarters to Deutsche Asset Management for £30.8m.

UK - Learning solutions provider Futuremedia has teamed up with Microsoft to promote a home computer and education scheme to employers.

UK - Consultant Watson Wyatt has bucked the general industry view with claims that the National Audit Office forecast on the £1.4m cap could be over-estimated.

UK - Industrywide schemes must be encouraged by the government if it is to develop a fair, cost-effective and sustainable pensions system, the Consumers' Association claims.

UK - The government's new simplification proposals will increase opportunities for tax-efficient exit planning by owner-managers, an independent financial adviser claims.

UK - Tax simplification proposals on early retirement are attracting considerable interest from scheme members, delegates were told.