News

GERMANY/US - German insurer Allianz has announced a restructure of its asset management business that gives subsidiary PIMCO, the world's largest bond manager, more freedom around distribution of its products.

Call to reverse pensions reforms; 430,000 workers pay £11bn too much National Insurance; Pension accounting has caused closure of perfectly viable schemes; Pensions gap widens between bosses and staff

Pensions minister Steve Webb has signalled that the government will revisit the issue of risk-sharing as part of its drive to reinvigorate occupational pensions.

Top bosses at FTSE100 firms have average pension pots worth nearly £4m each, with the top director this year amassing a £21.5m pot, according to a trade union study.

The National Employment Savings Trust will allow employers to make scheme contributions using a debit card, a payment method most other providers shy away from.

UK pension provision is being undermined by accounting standards currently used to calculate schemes' assets and liabilities, a report finds.

An employment tribunal ruling in favour of a gay couple fighting for pension rights could clear the way for a challenge in the European Court of Justice, a lawyer claims.

About one third of employees will opt out of pensions when auto-enrolment comes into force after 2012, Legal & General says.

GLOBAL - Figures from State Street reveal investor confidence declined to 89.6 in August, down 12.9 from July after a volatile month led to the most substantial decline since October 2008.

EUROPE - RBS expects Greece will experience a hard default this December in a move it says will cause "violent contagion" in global markets.