Europe

ITALY - The government is eyeing the creation of a "super welfare entity" by merging state pension body INPS with three sector pension institutes and insurance body INAIL in a bid to recoup around €3bn.

FRANCE - The €31.1bn French Pension Reserve Fund (FRR) continued its comeback from the "brutal" mid-year market correction as it increased assets under management by €1bn in Q4.

UK - New buy-out providers with little or no reserves have almost no ability to absorb any investment or mortality shocks, said L&G bulk purchase annuities sales director David Evans.

UK - The future of the PPF remained uncertain after the European Court of Justice ruled UK legislation did not ensure the protection of pensions was provided for by the Insolvency Directive.

UK - Barry Sagraves, head of NTGI's London-based operations, is to leave the company and will be replaced by William Huffman.

UK - Marks and Spencer has announced plans to plug its £704m DB pension deficit using an extensive property portfolio and redeeming secured bonds.

UK - Amicus stewards at British Airways have today voted to recommend the revised pension proposals made by the airline, as a £150m strike threat by cabin crew hangs in the balance.

SPAIN - Spain must develop a "more far-sighted long term strategy" to deal with fiscal management in the context of population ageing, according to the OECD.

UK - Amicus have accused WH Smith of recouping its 6% Christmas trading shortfall from employees' pensions and wages.

UK - The NAPF has questioned whether some of the principles outlined by Paul Myners in his 2001 review of investor practices are still relevant.