GIG BID TO DRUM UP PENSIONS INTEREST - The Irish Times reports that representatives from the Pensions Board are to attend two of the summer's big music events in a bid to convince more young people to start saving for retirement.

They will target thousands of gig-goers heading to this summer's Oxegen and Electric Picnic music festivals.

National Pensions Action Week, which takes place from May 1-7, is to target workers aged 25-39 and women, who, despite their longer life expectancy, are less likely to have private pensions than men.

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NEW K CLUB HOTEL WING - The Irish Independent says the K Club plans to cash in on the worldwide publicity generated by the Ryder Cup by adding on a new wing onto its hotel. The 90-bedroom new wing, with views of the Liffey and the eighth fairway, could cost up to €40m to construct.

The paper says the new wing - to be built in the 'classical' style of the rest of the hotel - includes five giant three-bedroom suites, 33 two-bedroom suites and nine one-bed suites.

With the planning process only just beginning the new venture is unlikely to be ready until the end of 2007 at the earliest.

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BRITISH CASH SURGES INTO SAVINGS - The Financial Times says British savers are putting more money into investment funds and deposit accounts than at any time since the height of the stock market boom as confidence in shares returns and individuals shoulder more responsibility for their own finances.

Flows into investment funds, individual savings accounts and bank and building society deposit accounts are all at their highest for at least four years, says the FT.

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UK VAT FALL-OFF DUE TO CAROUSEL? - The Guardian says the British government has suffered its first annual fall in VAT revenues since it started collecting the tax in 1973 because of a big rise in so-called 'carousel' fraud, raising fears that the scams are spiralling out of control.

Official data yesterday showed that VAT revenues tumbled nearly 14% in March compared with March last year. In the full fiscal year they were down 0.2% to £72.9 billion - the first full-year drop.

The Guardian calls the fall in revenues 'remarkable', given that Britain has had two severe recessions since the early 1970s that did not cause VAT revenues to drop.

Carousel fraud occurs when a trader imports goods free of VAT, then sells them on with the 17.5% VAT added and disappears with the VAT money.