German financial giant Allianz is in the process of establishing two new companies focusing on pensions.
The companies are Allianz Dresdner Pension Consult GmbH - aimed at expected demand in corporate pension provision - and Allianz Dresdner Pensionfonds AG - a pension fund product intended for corporate clients.
It is understood that personnel decisions and the legal framework are yet to be finalised.
The moves - the first of their kind in Germany - anticipate the introduction of German pensions reform in 2002.
By Madhu Kalia
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.