Europe

EUROPE - The European Insurance and Occupational Pensions Committee has concluded Institutions for Occupational Retirement Provision (IORPs) will not be included in the scope of Solvency II.

EUROPE - Without further pension reforms, contribution rates in some countries may increase to as much as 40% of salaries, European Central Bank president Jean-Claude Trichet has warned.

ITALY - New pensions revenue policy should not be discussed before the country's financial status is consistent, said a trade union leader.

UK - Hermes Private Equity (HPE) has acquired Thomas Estates - owner of three large bingo clubs and 24 adult gaming centres for an undisclosed amount.

UK - Mark Wood, founder of Paternoster, said that investors had agreed to contribute a small amount to each of the firm's bidding quotes, allowing it to discount its prices.

UK - Current proposals for the UK's national pensions savings scheme (NPSS) fail to address vital issues including fraud and employer insolvency, according to the architect of the Australian mandatory model.

UK - The Greater Manchester Fire and Rescue Authority has issued a tender to streamline the administration of its new pension scheme in conjunction with its previous one.

UK - Specialist currency manager A G Bisset & Company has set up a London based operation as it seeks to follow up on the local authority mandate it won earlier this year.

UK - BAE Systems has announced in its interim results statement that its pension deficit has decreased from £4.1bn to £3.1bn in the six months from 31 December 2005 to 30 June 2006.

EUROPE - Companies' pensions liabilities have become a plague to the private equity industry, claimed a survey commissioned by Mercer Human Resource Consulting and Marsh and Kroll.