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Proposals to reform annuity market; Retirees cut pension saving by £11bn; Britons cannot retire at 65 due to lack of pension; Make the most of the pension you've got

The government has identified two broad options for changing the tax rules governing employer asset-backed contributions to defined benefit schemes.

AUSTRALIA - Colonial First State has awarded three mandates in alternative investments totalling A$300m for its FirstChoice Growth superannuation product.

EUROPE - J.P. Morgan Asset Management has appointed Professor Paul Sweeting as European head of the Strategic Investment Advisory Group (SIAG).

US - The California Public Employees' Retirement System (CalPERS) generated $963m in cost savings in 2010 by increasing operational efficiency while reducing waste and redundancy, according to a staff report.

EUROPE - European investors' enthusiasm for high-yield assets declined in the second quarter of this year, though they remain favourites, according to Fitch's latest European senior fixed income investor survey.

The Department for Work and Pensions has issued non-regulatory guidance on offering a default fund for auto-enrolment defined contribution schemes.

UK - Pension schemes are expected to shift a further £20bn ($32bn) of liabilities to insurance companies and banks over the next 18 months, according to Hymans Robertson.

Pensions minister criticises cash incentives for scheme transfers; Institutional usage of ETFs rises rapidly; Singapore QROPS loses appeal; Annuities: when pounds add up to £££'s; How to get the best retirement income

Marks & Spencer's pension scheme has moved into surplus after boosting its funding position by more than £500m over the last year.