United Kingdom

UK - The Inland Revenue's decision to allow part-timers a second tax-free lump sum has come too late to benefit many members, lawyers claim.

UK - The UBS Triton Property Fund has spent £41.8m buying seven properties during the first half of the year.

UK - Prudential is giving staff one day off a year to dedicate to personal finances, including pension planning, starting from 2003.

UK - BBC director-general Greg Dyke has assured staff there are no plans to replace the £6.5bn final salary with a defined contribution plan.

SCOTLAND/US - Scottish Widows Investment Partnership (SWIP) has appointed Phil Chappell as investment director for US markets from October.

UK - Steel workers are calling on independent trustees of the £119m ASW Pension Plan to open its accounts to scheme members.

UK - Lawyers are urging the government to clarify whether interim regulations for member nominated trustees over-ride existing contracts that specify an opt-out expiry date.

UK/EUROPE - HSBC Republic has opened its capital guaranteed fund of hedge funds to new investment.

UK/EUROPE - Standard Life Investments (SLI) has closed its private equity fund-of-funds European Strategic Partners II at E639m (£434m).

UK - Chief executive of Hermes Pensions Management Tony Watson has resigned as a non-executive director of Edinburgh Fund Managers (EFM).