News

The end of contracting out for defined contribution will save schemes £5.3m a year in administration costs, the government claims.

Boots Pension Scheme has appointed Schroders' property multi-manager team to oversee its £135m property portfolio.

The Treasury has proposed to give the Scottish government the power to issue its own bonds.

A quarter of GP surgeries operated a reduced service yesterday as doctors took part in industrial action, the Department of Health said.

Royal Bank of Scotland, Barclays and HSBC were among the list of the world's biggest banks to be downgraded by Credit rating agency Moody's last night.

HMRC has issued guidance confirming salary sacrifice pension schemes will be able to meet automatic enrolment requirements.

BT Pension Scheme Management chief executive Nigel Labram has left the company after eight years, following a strategic review at the £37bn scheme.

Steve Webb has increased the pressure on the European Commission over Solvency II for pension schemes, promising there will be "no compromise".

The Federal Reserve announced plans to extend Operation Twist by $267bn (£170bn) as it cut its 2012 growth forecast for the US economy from 2.9% to 2.4%.

The government cannot encourage people to save more, amid concerns a decline in spending could shut off the economic recovery, policy experts say.