United Kingdom

UK - Cash was the second best performing asset in 2001 with a return of 5.2%, according to research by ABN Amro and the London Business School.

UK - Surrey County Council has put possible action against Merrill Lynch on hold because not all the scheme trustees turned up for their regular quarterly meeting.

UK - State Street Global Advisors has lured Deloitte and Touche's Sam Stewart as head of compliance.

UK - The BBC's pension plan is set to conclude its asset liability study in the third quarter, according to Peter Dunscombe, investment advisor to the fund.

UK - Pension schemes have been given a further three-year opt-out of member-nominated trustee legislation.

UK - AXA Investment Managers has launched an aggressive hedge fund that invests in listed future markets.

UK - Banking and insurance unions are warning that firms could face legal action if they try to close their final salary schemes completely.

UK - Chemicals giant ICI has disclosed a massive FRS17 liability of over £450m in its latest company accounts.

UK - FRS17 and the minimum funding requirement (MFR) do not show the ‘real' risks inherent in pension scheme funding, according to employee benefit advisers Gissings.

UK - Kas Bank has won a custody mandate with the £105m Brunner Mond Pension Fund.