Europe

UK - Defined benefit schemes experienced an increase of more than £170bn (US$275.2bn) in total deficits in 2009, marking the worst year on record, Pension Capital Strategies said.

Consulting giants Towers, Perrin, Forster & Crosby and Watson Wyatt Worldwide came one step closer to completing their merger when shareholders approved the deal at a meeting on Friday, the firms said yesterday.

FRANCE - The Fonds de Réserve pour les Retraites has hired five managers to run a total of around €1.5bn (US$2.1bn) in fixed income mandates.

UK - A special commission has been launched to find a solution to the £1.1trn (US$1.6trn) problem of unfunded liabilities in public sector pensions.

UK - Industry veteran Richard Stroud is to quit as a volunteer adviser with The Pensions Advisory Service, a non-profit organisation that advises on pensions, amid claims of ageism at the department for work and pensions.

UK - The Cadbury Pension Fund has sought to boost its value to shareholders by completing a £500m (US$815m) buy-in insurance contract with Pension Insurance Corporation.

UK - Hermes Fund Managers has bought a majority interest in Sourcecap International, a growth oriented, active European equity manager.

UK - The Royal Mail pension scheme is straining under the pressure of a potentially record-breaking pensions deficit, the company said.

FRANCE - The Fonds de Réserve pour les Retraites has hired six managers to run a combined €1bn (US$1.5bn) in investment grade credit dominated in euros.

UK - Alistair Darling's proposals to reform public sector pensions cover up a 45% hike in costs next year, independent pensions consultant Ros Altmann warned.