Charges on a government-backed UK infrastructure vehicle owned and run by UK pension funds will be capped at 0.5%, the Treasury has confirmed.

Nearly 30 pension funds, including Tesco, BUPA and the BBC, have filed claims at the High Court seeking damages from Henderson Global Investors over claims it took too much risk with one of its funds.

The Chancellor has confirmed he will unlock £20bn of pension fund assets to invest in private infrastructure in a bid to "overhaul the physical infrastructure of our nation".

The National Employment Savings Trust has appointed State Street Global Advisors, UBS Global Asset Management, and BlackRock to run five mandates for its default fund.

Lord Myners has branded advice to increase scheme fixed income allocations as "nonsense" and warned the bond market is an "enormous bubble which will burst".