Europe

ITALY - The Italian supervisory commission on pension funds (COVIP) has signed a framework agreement of collaboration with the Guardia di Finanza (GdF), in order to put in place legal provisions for the protection of savings.

UK - Total funding deficits increased by £13bn (US$23bn) to £60bn, following the 4% falls on equity markets yesterday, according to estimates by PricewaterhouseCoopers (PWC).

UK - HM Revenue & Customs (HMRC) has issued a note clarifying pension plan rules, bringing the creation of UK-domiciled cross-border pension plans closer to reality, according to Towers Perrin.

US / UK - Investment bank Lehman Brothers has remained silent over the future of its £180m ($322m) defined benefit (DB) pension scheme.

UK - The Pensions Trust has selected Paternoster to secure the benefits of 10,500 members of its Growth Plan.

UK - Not enough defined contribution (DC) pension schemes have carried out regular risk assessments over the last 12 months, Watson Wyatt warns.

BELGIUM - Belgian employers are grossly overestimating the level of benefits provided by their defined contribution (DC) pension plans, Watson Wyatt has warned.

UK - Company strategies and policies are undoubtedly being influenced by the top UK pension funds that invest in them, the National Association of Pension Funds (NAPF) has said.

UK - The Pension Protection Fund (PPF) will soon inherit the liabilities of its predecessor, the Financial Assistance Scheme (FAS), without gaining any of its assets, Global Pensions has learned.

UK - The National Association of Pensions Funds (NAPF) has found many employers are unprepared for the introduction of Personal Accounts in 2012.