Ten Things You Need to Know Today: Friday 2 Nov 2012

1. PENSION VALUATIONS SET TO PLUNGE

The predicted values of millions of UK pension pots is set to fall by as much as 40% under new FSA rules. Pension companies currently use an "intermediate projection rate" of 7% when calculating what a saver might hope to receive on retirement. The FSA has said that from 2014 companies must use a more realistic 5% growth rate.

2. MODEL MOCKED AS SANDY TOLL HITS 90

A Brazilian model has become the butt of social media mockery after posing for photos amid the destruction of Hurricane Sandy. Nana Gouvea, who has appeared in Playboy Brazil and is based in New York, struck seductive poses next to ruined cars and fallen trees and posted the photos on her Facebook page. The death toll passed 90.

Brazilian model Nana ridiculed for Sandy devastation poses

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3. FREDDIE STARR HELD IN SAVILE INQUIRY

The comedian Freddie Starr was arrested yesterday by police investigating sex abuse claims against the late Jimmy Savile. Starr, now 69, denies claims that in 1974 he groped Karin Ward, then 14. She says: "I was horribly horribly humiliated by Freddie Starr, who had a very bad attack of wandering hands." Starr was released on bail.

4. 2012 MERCURY PRIZE GOES TO ALT-J

The annual Mercury Prize was awarded last night to the indie rock band Alt-J for their debut album 'An Awesome Wave'. Accepting the £20,000 prize, the four-piece band who met at university in Leeds five year ago and are now based in Cambridge credited their parents - "Thanks for not making us get jobs!"

Alt-J snag 2012 Mercury but critical response is lukewarm

5. COLIN DUFFY HELD OVER NI MURDER

Dissident republican Colin Duffy has been arrested by police investigating yesterday's murder of David Black, a 52-year-old prison officer, who was shot dead in his car on the M1 motorway near Lurgan, County Armagh. Black's assassination has raised fears of a loyalist retaliation. Political leaders denounced the killing.

Dissident republican Colin Duffy held over drive-by killing

6. MAYOR BLOOMBERG ENDORSES OBAMA

New York mayor Michael Bloomberg announced yesterday he was endorsing Barack Obama in the presidential election, citing his commitment to tackling man-made climate change. Bloomberg, a former Republican turned independent, said Hurricane Sandy had refocused his mind on climate change, and Obama was better equipped to tackle the issue.

Climate change on the agenda as Bloomberg backs Obama

7. TAPPIN PLEADS GUILTY OVER IRAN MISSILES

Retired British businessman Christopher Tappin, extradited to the US earlier this year, yesterday pleaded guilty in a Texas court to selling batteries for Iranian surface-to-air missiles. Tappin, 66, who had previously denied the charges, made a plea bargain that will allow him to serve his expected 33-month prison sentence in Britain.

8. DANNY BAKER RANTS AT BBC BOSSES

Danny Baker told BBC Radio London listeners he hoped his bosses "choked on their abacus beads" after he learned that his afternoon show The Treehouse was to be axed for reasons of economy. "The BBC canonise Jimmy Savile and can Danny Baker — and when they lose that licence fee, this will be why," responded Tony Parsons.

Stars come out for Danny Baker after BBC axes radio show

9. LABOUR MP MACSHANE FACES SUSPENSION

Denis MacShane, Labour MP for Rotherham, is to be suspended from the Commons for a year after submitting false expenses invoices totaling £12,900. The parliamentary committee which called for his suspension called it "one of the gravest cases" to have come before it. The Labour Party has suspended him.

MacShane faces Commons ban over 'gravest' expenses fraud

10. HOT TICKET: CRITICS LOVE THE MASTER

Paul Thomas Anderson's psychological drama 'The Master' opens in UK cinemas today. In post-WWII America, a troubled drifter falls under the influence of the charismatic leader of a movement similar to Scientology, with Joaquin Phoenix, Philip Seymour Hoffman and Amy Adams. "Simply unmissable", says The Guardian.

UK critics pile on plaudits for 'Scientology film' The Master