United Kingdom

UK - The longevity swap market could reach £20bn (US$28bn) this year as schemes look towards cheaper DIY options to reduce risk.

UK/US - Two US investment management firms have decided to launch target date funds in an assault on the UK DC market, Global Pensions has learned.

UK - Pension and benefits consultancy Xafinity has been bought by private equity shop Advent International from Duke Street for an undisclosed sum.

UK - Lawrence Churchill is to leave his post as chairman of the Pension Protection Fund to become the first chairman of NEST Corporation, the trustee body overseeing the country's new personal accounts scheme.

UK - Pension funds could be missing out on returns from debt offered by high quality, but lesser known companies looking to raise cash through single bond issues.

UK - The Universities Superannuation Scheme has boosted its global emerging markets team with three hires.

UK - Asset managers are staying in the "comfort zone of defined benefit" and are failing to seek business opportunities in defined contribution schemes, consulting firm Spence Johnson said.

UK - The confusing nature of UK pensions is damaging competitiveness and could stymie the recovery from recession, top industry figures warned.

UK - Standard Life has been fined £2.45m (US$4.1m) by the Financial Services Authority for serious failures relating to its Pension Sterling Fund.

UK - UBS Investment Bank is to enter the longevity swap market following the hire of a four-strong pensions team, sources said.