Deloitte has revealed that the pension deficit is at its lowest for five years. The new figures show that the combined deficit for the FTSE 100 is currently £21billion and 25per cent of these firms have now got a pension surplus.
However, the pension surplus is not altogether greeted with warmth as it poses another problem. It is very hard for an employer to take a refund from a pension scheme.
Our view
This Government has destroyed pension confidence. With its meddling 10 years ago, Gordon Brown ‘stole’ £5bn a year in higher taxes, combined with ‘minimum funding requirements, they basically destroyed the Final Salary Pension industry, which has piled misery on the public. Guess who can still afford a final salary pension scheme, yes you have guessed it, civil servants still have one and guess who pays for it?