Europe

UK - Resolution Group, the consolidation vehicle which bought Friends Provident last year, is in talks to buy AXA UK's annuity, protection and group pensions business for £2.75bn (US$4bn).

GP invites readers to attend the Global Pensions Transition Management Forum London on September 8. Attendees will be informed on the latest transition management trends and the state of the ever-changing TM industry.

GLOBAL - The European Central Bank will have to "engage in de facto fiscal policy" if the region's authorities wish to avoid a sovereign bankruptcy, according to Paul McCulley, a managing director at Pacific Investment Management Co.

UK - HMRC's interpretation of minimum pension age rules is ‘complete madness' and could leave people aged between 50 and 55 with massive tax bills, Rowanmoor Pensions warned.

ITALY - The Italian government today will present to parliament an amended law to increase female public servants pension age to 65 by 2012, as required by the European Commission.

UK/EUROPE - The sovereignty of UK defined benefit provision is under threat following proposals from the EU Commission to shift legislative power to a European body, an internal Confederation of British Industry document revealed.

UK/GLOBAL - Strategy diversification is key to developing a currency portfolio that offers downside protection, currency experts said.

EUROPE - Additional reforms of pension policy, particularly increasing the retirement age, will be needed in several countries due to the danger posed by expected demographic changes, an interim report by the EU Council said.

UK - Nationalised bank Northern Rock has confirmed it will close its final salary scheme to future accruals as part of a cost-cutting exercise.

ITALY - The European Commission has once again put pressure on Italy to equalise the pension age of men and women, asking the country to move up its plans to have employees retiring at the same age by six years to 2012.