Europe

UK - Rolls Royce faces an estimated deficit of more than £1bn on its £4.2bn pension scheme, a report from Merrill Lynch reveals.

EUROPE - Defaults on EU high yield bonds rose to a record level in the second quarter of this year, ratings agency Standard & Poor's (S&P) says.

UK - An increase in pension disputes and regulation has pushed international law firm Norton Rose to launch a new pensions litigation unit.

UK - Barclays Global Investors has appointed Robert Diamond as its new chairman.

UK - Vauxhall Motors Pension Funds has set up an asset management arm to offer multi-manager products to small and medium-sized schemes.

SCOTLAND - Biggart Baillie has made Iain Talman, June Crombie and Colin Greig partners in its pensions department.

UK - Pension fund investments in Marconi could be worthless if a debt-for-equity swap goes ahead.

UK - The government is "short-changing" DC scheme members by omitting them from rules which ensure they have a choice of annuity, says the Annuity Bureau.

UK - GMO Woolley claims it has proven that value investing - identifying undervalued companies - can deliver solid results for pension fund investors.

UK - Bargain hunters are returning to world stock markets, but a rebound in equity values will take longer than expected, Barclays Global Investors reports.