Europe

EUROPE - The European Commission (EC) has decided to refer Spain and Portugal to the European Court of Justice (ECJ) over alleged discriminatory taxation of foreign pension funds.

UK - Public sector pensions can no longer be afforded in their present state and need to be reformed, the Conservatives say.

UK - The government must give employers access to better pension choices and rethink its strategy to encourage retirement saving, the Association of Consulting Actuaries (ACA) says.

FRANCE - National pension fund Caisse des Dépôts et Consignations (CDC) has been authorised to act as a sovereign wealth fund-like (SWF) vehicle to protect strategic French assets from predatory foreign investors.

UK - The Pensions Act 2008 has received Royal Assent almost exactly a year after its introduction as a Bill in December 2007.

UK - Watson Wyatt has urged its clients to suspend securities lending activity if they are in any doubt about their lending guidelines and arrangements.

UK - Increased redemptions by institutional investors has prompted asset manager New Star AM to suspend trading in its international property fund, with immediate effect.

UK - The government must address the issue of means testing now as Britain cannot afford another round of pension reform, the Conservatives warn.

UK - Government amendments to the Pensions Bill will minimise the risk of levelling down for employers with good existing pension provision, pensions reform minister Rosie Winterton has claimed.

NORWAY - Norway's global pension fund has posted its worst results in the fund's history, its operator Norges Bank Investment Management (NBIM) has revealed.