United Kingdom

UK - The trustees of the HBOS Final Salary Pension Scheme have decided not to proceed with legal action to delay the takeover of its sponsoring employer by Lloyds TSB.

UK - Henderson Global Investors has hired a five-strong currency team from the investment banking arm of Fortis in a bid to boost its fixed income capability.

UK - Hermes has put restructuring plans involving its Focus Funds business on hold, following the performance slump of one of its funds and the departure of two fund managers.

UK - The trustees of the £1bn Plumbing and Mechanical Services (UK) Limited Pension Scheme have reappointed JPMorgan Investor Services to provide the fund with custodian services.

UK - Marks & Spencer is set to cap employees' annual increases in pensionable pay and change early retirement benefits in a bid to cut costs.

UK - Pension fund trustees are facing average returns of -13% for 2008, preliminary State Street Investment Analytics figures reveal.

UK - Redington Partners has appointed Mark Herne and David Thompson as senior consultants in a bid to broaden its business.

UK - The Financial Services Authority (FSA) is set to end its ban on the short selling of stocks of UK financial sector companies.

UK - Waterford Wedgewood's pension liabilities could be swept into the Pension Protection Fund (PPF) even if a buyer steps in to purchase the troubled company.

UK - Defined benefit (DB) pension schemes operated by small businesses are now virtually extinct with 91% closed to new entrants, an Association of Consulting Actuaries (ACA) survey shows.