Regulation

UK - Communications watchdog Ofcom has ruled out changes to British Telecom's wholesale charging structure, despite the telecoms giant's £9bn (US$13.9bn) scheme deficit.

GLOBAL - Regulators should promote countercyclical funding policies, like providing better tax ceilings for over-funded schemes, in order to support the continuation of defined benefit plans, the OECD said.

Regulators should promote countercyclical funding policies, like providing better tax ceilings for over-funded schemes, in order to support the continuation of defined benefit plans, the OECD said.

The Pensions Regulator suspended trustees from more than 100 defined contribution schemes in the past year, its annual report and accounts reveals.

US - Five pension funds in New York and Ohio will jointly seek lead plaintiff status in a class action suit against BP, certain officers and directors and BP America, New York comptroller Thomas DiNapoli said.

The Pensions Regulator's determinations panel will decide in September whether or not will issue its third financial support direction - against the Lehman Brothers Group.

The Pensions Regulator has urged trustees to review their scheme rules to assess the impact of forthcoming indexation changes.

UK - The Pensions Regulator has rejected proposals from chilled prepared foods firm Uniq to fund a £436m scheme deficit.

US - The American International Group has agreed to pay US$725m to settle a class action suit brought by three Ohio pension funds alleging bid-rigging, stock price manipulation and accounting fraud.

The Pensions Regulator's strengthened guidance on transfer incentives is permeated by a "presumption of guilt", industry figures say.