United Kingdom

UK - The government has backed down over controversial plans to let senior councillors join the Local Government Pension Scheme.

UK - More than 40% of companies plan to review their executive defined benefit schemes due to rising costs, a new study shows.

UK - Standard Life Investments has posted a 32% increase in business during 2002, its fourth year of consecutive business growth.

UK - The Conservatives are urging the government to change the rules for pension schemes that wind up.

UK/JAPAN - Schroders has strengthened its global credit team with three new appointments, bringing the total number to 15.

UK/EUROPE - Mellon Financial Corporation has launched a UK operation for its global custody clients.

EUROPE/UK - Overly-generous occupational pension schemes are encouraging workers to take early retirement, the Organisation for Economic Cooperation and Development says.

UK - Schroder Investment Management has blamed plummeting equity markets for a steep fall in its funds under management.

UK - Prudential has outsourced the management of its entire small self-administered scheme (SSAS) portfolio to James Hay Pension Trustees.

UK - The Isle of Man's collective funds industry has seen an increase in the number of funds of over 45% over the year to 30 June 2002, new research from Fitzrovia International reveals.