United Kingdom

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.

UK - George Osborne has announced plans to abolish the Financial Services Authority and increase the powers of the Bank of England.

UK - The National Association of Pension Funds has urged the government not to damage the UK's savings culture by back peddling on pension reforms.

UK - A group of institutional investors has written to all FTSE350 chairmen urging them to reveal more detail about executives' pensions.

GLOBAL/UK - Institutional fund of hedge funds Fauchier Partners has won investor backing for a novel lock-in on one of its flagship products.

UK - Almost every defined benefit plan in the UK has plans to reduce or axe current provisions in the future, a PricewaterhouseCoopers survey revealed.

UK - Resolution Group, the consolidation vehicle which bought Friends Provident last year, is in talks to buy AXA UK's annuity, protection and group pensions business for £2.75bn (US$4bn).

GP invites readers to attend the Global Pensions Transition Management Forum London on September 8. Attendees will be informed on the latest transition management trends and the state of the ever-changing TM industry.

UK - HMRC's interpretation of minimum pension age rules is ‘complete madness' and could leave people aged between 50 and 55 with massive tax bills, Rowanmoor Pensions warned.

UK/EUROPE - The sovereignty of UK defined benefit provision is under threat following proposals from the EU Commission to shift legislative power to a European body, an internal Confederation of British Industry document revealed.