Europe

EUROPE - UCITS funds posted a net inflow of €22bn (US$30.6bn) for the first quarter of 2009 after six consecutive quarters of outflows, data by the European Fund and Asset Management Association (EFAMA) reveals.

UK - The Confederation of British Industries (CBI) has called for an eight point action plan to be implemented in a bid to protect struggling firms from being damaged further by defined benefit pension schemes.

UK/EUROPE- The proposed European Consumer Rights Directive must not be allowed to hamper auto-enrolment into occupational pensions, the Association of British Insurers warns.

UK - The credit crisis has "hugely damaged" the UK's pensions system leaving retirement savers disillusioned and destroying the idea stock market investment will always deliver generous pensions, Ros Altmann warns.

NORWAY- The Government Pension Fund - Global posted a loss of 4.8% for the first quarter of 2009.

NORWAY-The Ministry of Finance plans to spend an additional NOK9.5bn (US$1.5bn) in oil revenues as the global financial crisis continues to take a toll on the local economy, the Ministry said in its revised national budget on Friday.

UK - Trustees must be "extra careful" about how much they pay for longevity swaps, Trustee GAAPS says.

NORWAY - The Government Pension Fund - Global (Oil Fund) has been buying a "considerable volume" of equities lately to take advantage of low valuations, Norges Bank deputy governor Jan Qvigstad has said.

UK - The Personal Accounts Delivery Authority has launched a discussion paper on the investment approach for the new national pension scheme.

FRANCE - The Fonds de Réserve pour les Retraites (FRR) posted a decline of its cumulative performance of 6.5% for the first quarter of 2009.