Europe

UK - Some 73% of occupational pension trustees plan to reduce their allocation to equities over the next year, a Pension Corporation survey reveals.

Russell restructures EMEA; Towers Watson lures AonHewitt's Machon; SEC; Robeco; AustralianSuper; Standard Life Investments; Allianz Netherlands Asset Management; IMF

GREECE - Standard & Poor's has slashed Greece's long term credit rating from B to CCC, amid fears private sector debt proposals will amount to a default.

EUROPE - The Treasury has confirmed new European rules outlawing the use of gender in underwriting will not affect policies taken out before 21 December 2012.

TURKEY - HSBC is to manage all of Allianz Turkey's personal pension funds as part of a partnership deal between the two companies.

What the new legislation means

UK - Trustees are to be given new tools by the government to improve their oversight and clarify fiduciary duty in a shake up of trustee responsibilities.

EUROPE - The European Central Bank has indicated it will raise interest rates for a second time in four months at next week's meeting.

EUROPE - More than 80% of investors expect discounts on Listed Private Equity (LPE) to narrow in the future, with 42% of investors plan to increase their investment in LPE in the coming year, research show.

GREECE - The Greek parliament has narrowly voted to approve a drastic austerity package despite facing widespread opposition.