News

The Department for Work and Pensions overpaid some £3.3bn on benefits last year due to fraud and error, its 2010/11 accounts show.

UK/AUSTRALIA - Investment management boutique J O Hambro Capital Management is to be acquired by Australian fund manager BT Investment Management (BTIM) in a £209m ($337m) deal.

Legal & General Workplace Savings has hired a development director - a newly created role in response to an increasing number of direct enquiries from the corporate market.

Barings' Toby Nangle has joined Threadneedle as head of multi-asset.

The low charges set by the National Employment Savings Trust will set a benchmark with which pension providers will have to compete, Legal & General says.

Pensions minister Steve Webb has promised that the goverment will create a transitional arrangement for women hit hardest by the rise in the state pension age.

The Pensions Regulator has promoted Stephen Soper and Charles Counsell to members of the board, the Secretary of State for Work and Pensions has confirmed.

UK - Doctors are urging local government pension schemes to ditch their investments in tobacco companies because they are "unethical" and lead to the death of thousands.

Longevity risk fears are spiking for defined benefit pension schemes, as surging life expectancy puts pressure on scheme funding strategies, a survey shows.

UK - The British Medical Association has challenged the government in the High Court over pensions paid to widowers by public sector schemes in a case which could cost the taxpayer £4bn ($6bn).