Pension Deficits Bigger
Published / Last Updated on 06/06/2010
by Ashley Clark, Director
Pension fund deficits widen in May according to the Pension Protection Fund (PPF).
The PPF, the compensation fund for 'bankrupted' pension funds warned that of the 7,300 pensions schemes it monitors, the deficit i.e. the shortfall of money in pension funds to pay for pensions outstanding widened by £2bn to £42bn in May.
To the 'layman' this means that UK company pension funds are £42bn in the red!
We expect more companies to widen their pension offering with more cutting final salary pensions schemes and moving to lower cost investment linked schemes.
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