United Kingdom

UK - BT's plan to cut 10,000 jobs by March will not affect the agreed changes to its defined benefit pension scheme, the Communication Workers Union says.

UK - The Department for Work and Pensions is considering options to relax rules which force firms winding up a pension scheme as part of a corporate restructure or demerger to fully cover liabilities.

UK - Britain's pension provision has never been more unaffordable and this generation faces being less well-off in retirement than their parents, the Conservatives warn.

UK - Pension funds are continuing to move assets out of equities and into other investment classes, the National Association of Pension Funds says.

UK - The aggregate funding position of some 7,800 defined benefit (DB) pension schemes is estimated to have worsened over the month of October to a deficit of £97.3bn (US$154bn), the Pension Protection Fund (PPF) says.

UK - HSBC is set to announce changes to its defined benefit pension scheme after a consultation period with trade unions closed six weeks ago, Unite says.

UK - Investors are better off saving for their retirement by depositing money into savings accounts than investing in occupational pension schemes, an independent consultant warns.

UK - Some 94% of organisations have failed to discuss the issue of personal accounts at a governance, trustee or board meeting, Aon Consulting research reveals.

UK - The John Lewis Partnership has transferred its 29% share in online grocery supermarket Ocado to its pension fund.

UK - The government has frozen the general levy and the Pension Protection Fund's administration levy for 2009/10 in a bid to ease pressures on pension schemes.