Europe

MALTA - The provisions of the pensions reform bill have been moved into committee stage, with 29 votes in favour and 25 against.

ITALY - A memorandum of understanding between the government and trade unions is due to be signed ensuring pensions will not be included in the budget for 2007.

SPAIN - In the 2007 Spanish budget proposals, unveiled recently by economy minister Pedro Solbes, pensions are to increase to €91.5bn.

UK - Goldman Sachs is thought to be the latest firm looking to enter into the increasingly competitive corporate pensions buy-out market in the UK.

EUROPE - The Bear Stearns Companies has appointed Michel Péretié (pictured) to the newly-created position of European CEO, and said further appointments were imminent as the firm seeks to increase its European focus.

DENMARK - Many of Denmark's largest pension funds are increasing their infrastructure allocations or investing for the first time as the asset class becomes an important part of their portfolios, industry experts have claimed.

ITALY - A disgruntled trade union has opposed the government's proposal to block the windows for early retirement in the coming year.

UK - Financial services consultant Mercer Oliver Wyman has stated that the National Pension Savings Scheme (NPSS) "will not close Britain's £27bn savings gap".

FRANCE - As part of a bid to increase its presence in France, PIMCO has appointed Marco Grzesik as head of business development for the country.

UK - Fund manager Hermes Pensions Management has appointed Roger Gray (pictured) as its new chief investment officer. Gray replaced Nick Mustoe, who left Hermes in May to take up the role of CIO equities at Pictet Asset Management.