Global

Including: UK - Unions back changes to BT scheme; US - More 401(k) freezes introduced; UK - NAPF helps trustees deal with transactions

There will be no Global Pensions newswire between 22 December 2008 and 4 January 2009. The Global Pensions team will resume normal service on 5 January 2009.

GLOBAL - Large multinationals could see pension liabilities fall by €250bn (US$386bn) due to discount rate distortion caused by the credit crunch, Lane Clark & Peacock says.

INCLUDING: UK - FTSE offers short and leveraged indices; AUSTRALIA - Mercer selects RCM; EUROPE - STOXX indexes licensed to Commerzbank AG

GLOBAL - The US Securities and Exchange Commission missed repeated opportunities to discover what may be the largest financial fraud in history, its chairman says.

GLOBAL - An alleged fraud by Bernard Madoff highlights a "fundamental lack of transparency" within the hedge fund industry, Inalytics warns.

ISRAEL - The Israeli cabinet is set to assist pensioners whose savings been affected by recent market turmoil.

GLOBAL - Irish pension funds were hit by the worst investment returns of the OECD area in the period from January to October 2008, with a -30% loss in nominal terms, figures released by the Organisation for Economic Co-operation and Development (OECD)...

INCLUDING: US - ERISA breach investigated; FRANCE - CA launches 10 new ETFs; GLOBAL - AIMA appoints non-exec chairman; UK - PGI appoints consultant relations director

GLOBAL - Targeting climate change should be made a priority to kick-start the global economy, a group of 140 global investors has said.