European business and union leaders have joined forces to denounce recent decisions by governments and MEPs to water down proposed EU laws to protect employees' pensions when they move jobs, reports The Guardian.
About 40% of Europe's workforce will change their jobs within five years or less, with 50% of younger employees expecting to do so.
But millions are prevented from transferring their accrued pensions to their new firm's scheme while their old dormant "pot" loses substantial value.
The European commission is trying to introduce a common set of rules that would help protect pensions and allow workers to transfer their retirement savings from one job to another. Moving pensions with jobs is banned in some countries, including Spain and Finland.
ICAP, THE WORLD’S LARGEST inter-dealer broker, is considering a bid for the European government bond trading platform central to a £1.1 billion takeover of Borsa Italiana that was formally unveiled by the London Stock Exchange today, reports The Times.
As Clara Furse, the LSE chief executive, flew to Milan to sell the Borsa Italiana deal to Italian investors, ICAP said that it had appointed Lexicon Partners to advise on a move for MTS.
The move came as it was reported that Nasdaq, the US exchange and major LSE shareholder, could go head-to-head with the LSE by backing a rival exchange in the UK.
OMX, Nasdaq's Nordic merger partner, is in advanced talks to become the sole technology provider to Project Turquoise, the UK platform being set up by seven investment banks, including Goldman Sachs and Merrill Lynch.
BRITAIN’S BIGGEST INSTITUTIONAL investors are set to open a new front in the increasingly wide-ranging campaign of attrition against private equity firms, reports The Independent.
The National Association of Pension Funds, the body that represents the UK's £800bn pension scheme industry, is drawing up proposals to reduce the fees its members pay on private equity investments.
The plans, which will form part of the NAPF's submission to an ongoing Treasury review of the private equity industry, launched by Gordon Brown in March, are likely to include a restructuring of the way in which pension schemes pay private equity investment managers.
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