United Kingdom

UK - The move to close defined benefit provision is gaining momentum, according to Towers Perrin.

UK - Consultant William M Mercer has attacked the Government's proposals for annuity reform, accusing Labour of "merely fiddling while Rome burns".

UK - The UK pension system does not live up to what should be expected of such a system in a wealthy democracy, according to left-wing think tank The Industrial Society in its response to the Private Pensions Simplification Review.

UK - The £400m pension fund of vacuum cleaner manufacturer Hoover may look for specialist bond managers following an ALS to be presented in April.

UK - New FSA proposals on polarisation may unintentionally muddy the waters and leave pensioners worse off, argues retirement specialist The Annuity Bureau.

UK - Clerical Medical has cut its annual and final bonus rates by 1%.

UK - Gissings has appointed David Brooks as finance director.

UK - More UK pension funds may join WWF-co-ordinated action to call on BP to disclose how it measures the risk to shareholder value from drilling in environmentally sensitive areas.

UK - Lingerie firm Triumph International is pulling out of Myanmar following pressure from shareholders including pension funds, labour organisations and exiled Burmese groups.

UK - Many companies are no longer willing to meet the regulatory and funding burdens of maintaining a pension scheme, the National Association of Pension Funds claims.