United Kingdom

UK - The variability inherent in defined contribution pension plans is likely to fuel the growth of hybrid pension plans in the UK, according to Hewitt Associates.

UK - Company pension scheme rebates are "inadequate" and should rise by at least 25% or £2bn annually, according to Watson Wyatt.

UK - The £1.7bn pension fund of Cheshire County Council has awarded Mellon Global Investments (MGI) a £50m global tactical asset allocation (GTAA) mandate.

NORWAY/UK - Kvaerner, the Norwegian conglomerate, has shot down allegations that it is trying to skirt its UK pension obligations on the back of the management buy-out of its British subsidiary earlier this year.

UK - The Universities Superannuation has appointed an external property manager to invest up £50m in the UK, central and eastern Europe.

UK - Investment Solutions is in the final stages of preparing the launch of a new multi-manager product for the UK market - a high alpha equity fund aimed at pension funds and high net worth individuals.

UK - More than five in 10 trustees are prepared for the additional responsibilities that come with the Pensions Act, to take effect from April next year, according to new research by Mercer Human Resource Consulting.

UK - The £600m RAC pension scheme has awarded State Street Global Advisors (SSgA) a £75m currency mandate.

UK - The FRS17 discount rate used by UK pension funds to assess their pension obligations is "flawed" and will lead to an over-estimation of true pension deficit in company accounts, according to new research by SEI Investments (Europe).

UK - CIGNA International, the provider of health care, insurance and financial service benefits, has appointed Mercer Human Resource (HR) Consulting to provide actuarial and benefits consulting services to its CIGNA 2000 UK Pension Plan.