Europe

UK - Schemes are being given the right to cut transfer values to bring them into line with available assets.

UK - Insurance companies are planning a major overhaul of pension products to reflect changes in the tax regime and Green paper proposals.

UK - Trustees have attacked government proposals which would put the future of scheme sponsors in their hands.

UK - The government claims plans for its new pension credit are "on track".

UK - AXA Investment Managers has expanded its HiPortfolio/2 user base from software solutions provider, DST International.

EUROPE - The European Commission is to decide on the next course of action against Belgium, Italy, Portugal and Spain by September, following a recent crackdown on discriminatory tax treatment of foreign investment funds.

UK - UBS Global Asset Management has appointed Martin Holland as sales director for the Midlands and the South East.

UK - The Pensions Compensation Board has upheld its decision not to grant compensation to members of the defunct Restawile Upholstery scheme.

UK - Hewitt Bacon & Woodrow is supporting the government's decision to extend the deadline for the implementation of the tax regime proposals to 2005.

UK - State Street Global Advisors has launched eight index-tracking bond funds.