Europe

UK - Third-party administrator FPS Group has won business from four schemes including the £6m Engineering Council's final salary scheme.

EUROPE - The Fédération Européenes des Fonds et Sociétés d'Investissement (FEFSI) and the European Fund Categorisation Forum (EFCF) have joined forces to push through a new pan-European investment fund classification scheme.

UK - Trade union calls to limit directors' contracts to three months have been criticised as "excessive" by pension funds.

UK - The government must lift the 1% cap on stakeholder pensions if it makes "lifestyling" mandatory for default funds, industry leaders warn.

UK - Oil giant ChevronTexaco has reorganised its fund manager selection following the merger of its two defined benefit pension schemes.

EUROPE - Mandates from the Dutch metal industry fund PME and the Swiss Caisse de Prevoyance du Canton de Geneve (CIA) have buoyed Credit Lyonnais Asset Management's (CLAM) launch of its SRI subsidiary, Integral Development Asset Management (IDEAM).

ITALY - Fondoposte, a supplementary pension fund for non-executive employees of Poste Italiane and its subsidiaries has been authorised by COVIP, the Italian pension fund regulator.

UK - Tractor giant Agco has won its battle to cut pensions for workers made compulsorily redundant should they decide to take their benefits early.

UK - Firms will have to consult staff before changing pension arrangement under draft regulations from the department of trade and industry.

UK - Pensions regulator OPRA has published a set of guidelines for financial advisers involved with occupational schemes.