Europe

UK - The economic downturn has shifted sponsor covenants to the top of the pensions agenda for UK trustees, Aon Consulting says.

EUROPE - The European Commission consultation on possible changes to the Institutions for Occupational Retirement Provision (IORP) law should not lead to further harmonisation in the current climate, an industry body has warned.

UK - The lifeboat fund for pension scheme members under the control of insurance companies is to consult on whether to scrap the 100% guarantee on the first £2000 of benefits.

UK - The Personal Accounts Delivery Authority (PADA) may provide members with access to a panel of annuity providers to simplify the buying process of a retirement product.

DENMARK - Danish giant pension fund ATP has agreed with Local Government Denmark (LGDK) to acquire all its shares in KMD, in a co-investment deal of DKK2bn (US$340m) on a debt-free basis with private equity fund EQT.

EUROPE - The European Commission has closed its consultation on extending Solvency II rules to occupational pension schemes.

UK - Final salary scheme funding jumped back into a £23bn (US$34bn) surplus in November - the largest single monthly improvement on record, Aon Consulting says.

EUROPE - The European Commission has taken steps against the UK to amend legislation which denies deductibility of pension contributions paid to funds established outside Britain.

UK - RWC PARTNERS is set to launch a convertible bond fund to take advantage of pricing anomalies in the convertible bond asset class.

UK - Universities Superannuation Scheme has expanded its private equity team with the addition of two private equity analysts, Sweta Chattopadhyay and Tim Tyshing.