Europe

UK - Incomes for most people fall by nearly 40% when they retire, a new survey shows.

UK - The pensions advisory service has been invited to enter the discussion over ways to reduce the pensions ombudsman's casework backlog.

UK - Managers should judge companies on their financial strength and not attempt to use institutional votes to "advise them" back to health, Bedlam Asset Management claims.

UK - The pensions ombudsman has taken the unprecedented step of fining a financial adviser £2000 for "injustice" caused by distress and inconvenience.

WALES - The £576m City & County of Swansea Pension Fund has become the first Welsh local authority pension fund to join the Local Authority Pension Fund Forum.

UK - Commercial law firm Beachcroft Wansboroughs has appointed Nigel Frudd to the new role of head of financial services.

EUROPE - The European Commission is to consult with the financial services sector on its regulatory future later this month.

UK - Multinationals are setting up group pension schemes on the Isle of Man in a bid to reduce tax and increase flexibility.

UK - The pharmaceutical industry is being urged to address corporate and ethical challenges to meet rising investor expectations.

UK - Trade unions are pledging to keep up pressure on ministers in a bid to stop universities closing final salary pension provision to non-academic staff.