Europe

UK - Arriva has seen its pension liabilities fall by £47m (US$70.7m) after capped future benefit accrual in one of its schemes.

NORWAY - The Ministry of Finance has introduced two new sets of ethical guidelines for responsible investment practices at the Government Pension Fund Global and its asset manager Norges Bank.

UK - British Telecom's rivals have attacked the telecoms giant for seeking to charge customers to help plug its £8.8bn (US$13.1bn) scheme deficit.

EUROPE - The current version of the Alternative Investment Fund Managers (AIFM) directive does not have the qualified majority support in the in the European Council (EC) needed to pass, a document by the EC showed.

UK - Tata Consultancy Services will administer the National Employment Savings Trust.

NORWAY - The Ministry of Finance has finalised rules allowing the Government Pension Fund Global to invest up to 5% of its NOK2.6trn (US$435.8bn) portfolio in real estate.

UK - The Shell Contributory Pension Fund has shifted more of its equities and bonds exposure to passive management, after active management failed to be successful for many investors, the trustee said.

UK - Courts in Canada and the US have blocked The Pensions Regulator's attempts to seek £2.1bn (US$3.13bn) from Nortel Networks on behalf of the struggling UK pension scheme.

UK - Royal Bank of Scotland's decision to make cuts to its pension benefits saved it £2.15bn (US$3.3bn) in Q4 last year, its 2009 annual results reveal.

UK - Prudential is to get rid of its dedicated defined contribution new business team putting nine jobs at risk.