Europe

GLOBAL - Towers Perrin has increased its focus on cross-border pension plans for multinational companies with the appointment of senior consultant Dave Roberts.

UK - The circa £3.6bn (US$6.9bn) London Pensions Fund Authority (LPFA) has awarded incumbent manager European Credit Management (ECM) £25m.

DENMARK - Denmark's biggest pension funds will have to report on corporate social responsibility (CSR) as part of new legislation currently under development by the Ministry of Economic and Business Affairs.

UK - Over 13 million people in the UK have never reviewed their pension plans and a further 2.2 million have not done so in the last five years, a study from Baring Asset Management has found.

UK - Companies have been warned to expect a demand for more cash from nervous pension trustees as turmoil in the markets worsens.

UK - The Pension Protection Fund (PPF) has released results of its PPF 7800 index, showing the aggregate funding position of defined benefit (DB) pension schemes worsened over July, slumping to a deficit of £24.1bn (US$46.2bn).

EUROPE - Regulation subjecting pension funds to international accountancy and solvency rules has been attacked as 'short sighted' by the president of the Belgian Association of Pension Funds (ABIP-BVPI).

The UK government has been accused of pulling the wool over taxpayers' eyes following claims "fictitious surpluses" were used to boost government funds from two of the UK's largest pension funds.

UK - Strike action by professional staff of British Airline Pilots Association (BALPA) has been called off after last minute negotiations reached a settlement, although there are no changes to the contentious pension reforms.

UK - Members of the airline pilots association are to hold a two day strike following the break down of pension negotiations between the GMB union and the British Airline Pilots' Association (BALPA).