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The organisation that represents and pays out money to 90,000 songwriters and composers in the UK disclosed cost-cutting measures and explained new investment at its AGM last Thursday. The Performing Right Society, the PRS*, has a public sector-style (if not -scale) pension problem, in that future liabilities exceed current contributions. So the PRS is freezing its pension scheme to new entrants, after pension costs rose 12.8 per cent last year. Existing pension holders will not be affected.