Europe

UK - BAe Systems has agreed to take on a major share of the costs needed to plug a £2.16bn deficit across its seven schemes.

UK - Software solutions specialist LogicaCMG is to consolidate its pensions schemes to make way for one "common" DC scheme for all employees.

UK - Schemes are being urged to vote against bumper pay deals for Shell executives in the oil giant's annual general meeting later this month.

UK - Employers need to spend time and money on communication to increase take-up rates in defined contribution plans, Winterther Life says.

UK - Nearly three-quarters of IFAs do not believe that Green Paper reforms will increase retirement savings, a survey by The Exchange shows.

UK - Watson Wyatt is to end its actuarial operations for local authority pension funds.

UK - Supermarket giant Tesco has revealed a £540m FRS17 deficit in its £1.5bn final salary scheme.

UK - The Co-operative Insurance Society has appointed Nicola Donnelly as investment analyst in the society's ethically screened unit trust, Environ.

UK - Towers Perrin has laid off 10 people from its financial planning group, including group head Robert Ivey.

EUROPE - Fortis Investment Management has launched its first managed synthetic collateralised debt obligation (CDO), which already has two European pension fund clients.