Europe

UK - Barclays could modify its plans to close its final salary scheme to future accruals in a bid to address the concerns of thousands of workers.

SPAIN - Assets under management of Spanish pension funds suffered a 3.75% year-on-year decline due to market performance and reduced members' contribution, data by the Inverco reveal.

UK - Railpen Investments - which manages the assets of the Railways Pension Scheme -has invested £65m (US$109.3m) in a global long/short equity fund of hedge funds run by Goodhart Partners.

UK - ITV is consulting over changes to its scheme - including capping the growth of pensionable salary - in a bid to reduce its pension scheme deficit of £538m (US$905.4m).

UK - The value of DIY buy-in and longevity hedge deals struck during 2009 was almost double that of traditional buy-out / buy-in deals during the same period, latest research reveals.

UK - Only three FTSE100 companies - Cadbury, Diageo and Tesco - still offer defined benefit pension schemes to new employees, Lane Clark & Peacock research revealed.

GREECE - The cost of public pensions in Greece is estimated to rise by more than 20% of gross domestic product by 2050, according to the latest report by the Organisation for Economic Co-operation and Development (OECD).

EUROPE - The European Union Alternative Investment Fund Managers directive could cost Europe's pension fund industry up to €25bn (US$36bn) a year if implemented in its current form, the Alternative Investment Management Association (AIMA) claimed.

UK - Devon County Council Pension Fund has appointed managers to run two of the three mandates it tendered for in June.

UK - Unite is set to conduct a consultative ballot on industrial action over pay and pensions involving as many as 2000 of its Fujitsu members.