Europe

SPAIN - Assets under management of pension funds falling under the individual system category decreased 0.63% during the month of October, data from research company VDOS Stochastics revealed.

UK - The Pension Protection Fund is expected to be fully funded by 2014, its chief executive Alan Rubenstein said.

UK - British Telecom's pension deficit of £6.8bn (US$11.2bn) could affect the wholesale prices charged to its competitors, following a review to be undertaken by Ofcom.

UK - The conversion of the IMG Pension Plan from defined benefit to defined contribution in 1992 was unlawful, the High Court ruled yesterday.

NORWAY - The Government Pension Fund - Global raked in record returns of 13.5% in the third quarter, equating to a gain in assets of NOK325bn (US$58.2bn).

UK - Barclays has reported a one-off credit of £371m (US$620.1m) resulting from the closure of its UK final salary pension scheme to existing members.

UK - The High Court has ruled trustees cannot rely on the safety net afforded by the Pension Protection Fund when taking decisions.

UK - The Pension Protection Fund has published proposals for the 2011/12 pension protection levy year in a bid to improve the way it assesses the insolvency risk for sponsoring employers of pension schemes that pay the levy.

ITALY - Collective participants joining open Italian pension funds will now be able to nominate administrators, pension watchdog COVIP said.

UK - The Universities Superannuation Scheme has bought an industrial park in West London for £110.4m (US$182.3m).