News

NEGOTIATIONS over pension rights for Barclays staff transferred to a subsidiary of LSL Property Services have been concluded.

UK - Industry figures have predicted that Britian is on the verge of a pensions crisis - but advised prime minister Gordon Brown there is still time to avert disaster.

US - A growing number of employees are expected to outlive their income in retirement, and adding annuities to 401(k) plans could be the next development to improve retirement security, according to research by Watson Wyatt Worldwide.

SCOTTISH WIDOWS Investment partnership has increased profit to £21m in the first half of the year, driven by successful fund launches in the institutional sector and a 271pc jump in international business.

JAPAN - Japanese politicians have proposed creating a giant Y200trn pension scheme which would incorporate the world's current largest, the Y110trn Japanese Government Pension Investment Fund (GPIF).

US - Three credit rating agencies could find themselves in court if the attorney general of Ohio believes there is a case to prosecute over their part in mortgage securitisation marketing.

F&C records its first profit since merger with Isis three years ago; Cost of teacher's pensions rises; Upheaval in world markets undermines hedge fund action plans; AHM bankruptcy triggers jitters in Europe

TRINITY Mirror has cut its pension scheme deficit by £59m in six months and is planning to reduce the shortfall further following asset sales.

FIDELITY International has urged the government to scrap rules forcing employers to provide "gold-plated" defined benefits in a bid to save final salary provision.

GERMANY - Lawmakers have been warned that slashing the pensions of German MPs could backfire by making the position unattractive to future candidates.