Global

The Treasury Committee in the UK has recommended that the Government Actuary's Department should continue to play a role in the supervision of life insurance firms even after the end of its contractual relationship with the regulator.

The opportunity for real reform in the UK annuity market has been hampered by ill-informed debate in recent months, said Annuity Direct director Stuart Bayliss.

The European Commission is to prepare plans that would allow European Union workers to take their pensions with them throughout member states, according to the conclusions of the Stockholm summit.

New York City's Deferred Compensation Program is to start to gather information on fixed income managers.

American bank First Union has settled its pensions dispute with its employees for $26m (£18m), according to the bank and lawyers for plaintiffs.

State Street Global Alliance, the joint venture between State Street Global Advisors and Dutch pension fund ABP, has acquired a majority interest in US based Residential Capital Management, for an undisclosed ammount.

A management structure reorganisation has been prompted at the London Stock Exchange by the new chief executive Clara Furse two months after taking office.

CalPERS, the California based public employees pension fund, has approved a $500m (£350m) venture capital investment.

The Pension Schemes Office (PSO) will complete its integration with the Inland Revenue on April 2 which will see the UK government office lose its executive status.

Pharmaceutical manufacturer Meconic has appointed SEI Investments to be manager-of-managers for its £18m pension fund.