The UK’s final salary pension schemes have fallen into deficit, according to an official report.
The Pension Protection Fund (PPF) found that employers’ defined benefit retirement funds had a combined shortfall of £24.1bn at the end of July.
A month earlier, the schemes had a surplus of £8.3bn. In June 2007 they were £83.3bn up.
Falling stock market prices as a result of the credit crunch have been blamed for the damage.
The PPF said: “Over the past year the negative impact of equities on scheme assets, combined with falling bond yields, has led to an overall worsening of the funding position.”