Global

McDermott, the US marine engineering and construction firm, is facing a challenge from Scottish North Sea oil workers over the legal status of the £22m pension fund surplus.

The British government faces a potential legal challenge over annuities, after a pensioner filed a writ claiming that current legislation contravenes the European Convention on Human Rights.

Petercam, an asset management group based in Belgium, has introduced a new European property shares index, the Petercam European Property Shares Index (PEPS).

Royal Trust Global Securities Services, the international custody arm of Royal Bank of Canada, has been awarded two global custody mandates from European clients.

EIM, a long-only hedge fund asset manager headquartered in Switzerland, has appointed Allied Lyon's Maurice Oldfield as director of both the Luxembourg and UK office.

Tim Griffin, the former president of RT Capital Management, has returned to investment management with Canadian money manager Connor Clark & Lunn. The move comes less than a year after resigning from RT Capital over a stock manipulation scandal.

The Association of British Insurers' (ABI's) Investment Classification Group (ICG) has launched its categorisation of fund classifications on the internet designed to help independent financial advisers and institutional investors.

Two new civil procedure rules have been passed by The Rules Committee for Civil Procedure Rules meaning a solicitor can now be appointed as a representative beneficiary in a friendly litigation for a pension scheme.

The UK Conservative Party has criticised the Chancellor for failing to address a "stealth tax" it imposed on pension funds a month after coming to power with the abolition of the Advance Corporation Tax (ATC).

TRW Pensions Trust - formerly known as Lucas Pensions Trust - in the UK has made two further purchases as part of its aggressive plan to place £200m of its £4bn in pension fund in property within the next 18 months.