Axa warns on pensions, cuts jobs

Europe’s second-biggest insurer Axa warned future pensioners that UK retirement incomes from annuities have been too generous in the past and will be cut from current levels once new European rules for insurers are brought in. It added that it will cut a further 350 jobs in the UK, after it unveiled a 39 per cent fall in first-half net income of €1.32bn (£1.1bn).