Europe

UK - The Pensions Regulator is taking an aggressive and threatening stance with trustees who have not performed a formal covenant review, a lawyer says.

UK - The British Airways Pension Fund has made a fresh allocation to City of London real estate as it believes the sector is well positioned in the current cycle.

UK - Abolishing contracting out for final salary schemes could eventually lead to a higher universal state pension, an analyst says.

EUROPE - The European Commission is reviewing a letter from nine member states seeking to alter the way public debt is calculated to account for changes in state pension systems.

UK - Institutional investment in Gartmore's £3.6bn alternative funds business increased to 70% of total assets under management in the first half of 2010, interim results show.

UK - The pensions buyout market is likely to see more than £10bn ($15.6bn)of deals completed this year, Pensions Capital Strategies says.

UK - Employees at AstraZeneca will strike over cuts to pension benefits, unless the company comes back with "meaningful" terms, the GMB trade union says.

UK - Buyout vehicle Resolution will continue to target further life company acquisitions after posting pre-tax profits of £203m ($317m) in the first half of the year.

NORWAY - The Government Pension Fund Global saw 5.4% (155bn kroner, $25bn) wiped off its investments in the second quarter of 2010, pulled down by a decline in global equity markets and a massive loss on its stake in BP.

UK - News that the Norwegian Government Pension Fund Global lost €1.1bn on its 1.75% stake in BP has highlighted the potential impact faced by UK schemes, FairPensions says.