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Latest News

Final salary pension schemes face £24bn shortfall

by Greg Pitcher 12 Aug 2008
by Greg Pitcher 12 Aug 2008

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.

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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.”

Greg Pitcher

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