United Kingdom

UK - The government has announced it will undertake an independent review of auto-enrolment.

Buyout vehicle Resolution has bought Axa Life for £2.75bn in a deal part-funded by a rights issue of approximately £2.05bn.

UK - The UK government's proposal to cut the annual allowance to as little as £30,000 could affect thousands of additional pension savers, consultants and advisers say.

UK - Sterling has strengthened against the US dollar and euro on the back of yesterday's emergency Budget, while gilts have also bounced.

UK - The UK government is set to work with business to find "alternative ways" of implementing pension tax relief restrictions - and is considering reducing the annual allowance to as little as £30,000.

UK - British Airways has reached an agreement with the trustees of the New Airways Pension Scheme and Airways Pension Scheme on a recovery plan to address its £3.7bn (US$5.4bn) funding deficit.

Europe - Aegon UK has denied a report suggesting its Dutch parent is preparing to offload its British life and pensions business for £1.5bn.

UK - Former work and pensions secretary John Hutton has been appointed to lead an independent pensions commission to look at ways of reducing the costs of public sector pensions.

UK - Chancellor George Osborne must abandon planned cuts to pension tax relief for high earners in the emergency Budget, the National Association of Pension Funds says.

UK/GLOBAL - BP directors will face "testing questions" from schemes in the wake of the firm's decision to suspend dividends for the remainder of the year, the National Association of Pension Funds said.