ABI

Labour leader Ed Miliband has vowed to tackle high pension charges and floated the idea of a 0.5% charge benchmark, in the latest instalment of his campaign against the financial sector.

Prudential Group chief executive Tidjane Thiam has been nominated as the next chairman of the Association of British Insurers.

Pension funds still have "clout" in UK equity markets, despite holding a dwindling proportion of UK shares compared with foreign investors and institutional asset managers, according to the National Association of Pension Funds.

Default funds are firmly in the industry's spotlight after the Association of British Insurers and the Investment Management Association announced joint initiatives to "build standards" in the area.

The Association of British Insurers has downplayed the impact of charges on pension pots, pointing instead to the importance of increasing contributions and saving earlier.

Cash incentives should be offered under "no circumstances" in enhanced transfer value exercises, an industry code of conduct warns.

The National Association of Pension Funds has launched a public consultation on the scope of its "pounds and pence" charging code of conduct, proposing adherents produce a two-page disclosure document for members.

Barclays has bowed to pressure from shareholders before its annual general meeting by putting a new clause into boss Bob Diamond's bonus package which could cut his payout in half.

Seven industry bodies have written to Steve Webb strongly criticising the government's proposals on Guaranteed Minimum Pension equalisation and calling for equalisation guidance put forward in January to be scrapped.

The National Association of Pension Funds has added its voice to growing shareholder opposition to Barclays' pay packages.