Europe

UK - The Royal Bank of Scotland (RBS) Group pension scheme may use more than £800m of taxpayer cash to shore up the funding position of its pension fund.

EUROPE - The economic crisis could quicken the pace at which companies shut down their defined benefit (DB) plans in favour of defined contribution (DC) plans, the European Commission says.

UK - The £1.4bn Avon Pension Fund has hired Partners Group and Schroders to manage a property mandate worth approximately £180m.

UK - Public sector pensioners who have been underpaid their benefits due to administrative errors dating back to 1978 will receive full arrears, the government has confirmed.

FINLAND- Finish pension insurer Etera posted a 17% loss on investments in 2008 down from positive 4.5% the previous year.

UK - The £3.2bn (US$4.4bn) Tyne & Wear Pension Fund has terminated a circa £300m active UK equity brief held by Fidelity Investments, head of pensions Stephen Moore confirmed to MandateWire.

FRANCE/BELGIUM - BNP Paribas has come a step closer to acquiring Fortis Holdings after it reached a deal with the Belgian government that would see it buy Fortis in a cash and shares deal.

UK - Pension accounting standard FRS17 should be immediately suspended after the implementation of quantitative easing by the Bank of England, Baring Asset Management says.

Against a backdrop of deepening crisis that continues to cause severe strains to economies worldwide, Royal Mail Pensions Trustees chief executive Gerry Degaute says there is little to be happy about for UK pension schemes.

UK - British Airways and BT could cut dividends in a bid to reduce pension deficits, in line with advice produced by the Pensions Regulator.