Europe

UK - Shop workers' union Usdaw is to take legal action against supermarket chain the Big Food Group - formerly Iceland - over the closure of its final salary scheme.

UK - Actuaries should keep trustees updated regularly about funding levels so that they do not have a "nasty surprise" at their three-year recertification.

UK - A guide outlining the role of the auditor in regard to the Pensions Act 1995 has been published by OPRA.

UK - Fund managers are warning investors to avoid the pharmaceuticals sector because of the patent problems affecting the big players.

UK/GLOBAL - Plans to internationalise the Isle of Man's pensions landscape is set to receive a further boost as the Manx government proposes an extension of its tax neutral status to all businesses.

UK - Global custodian Northern Trust has given its backing to the recently launched Trustees Code of Practice.

UK - Pension schemes should maintain or even increase their equity holdings following sharp falls on major stock markets, fund managers claim.

UK - Stock market listing rules in emerging markets must improve before pension schemes will choose to invest in them, according to Henderson Global Investors.

UK - Venture capitalists have signalled that the private equity market is poised for a recovery, consultant Deloitte & Touche believes.

EUROPE - Global consultancy firm Watson Wyatt has strengthened its position in Central and Eastern Europe (CEE) with new operations in Budapest.