UK pension deficit underfunded by almost £20bn

A larger number of company pension schemes are under-funded than was originally thought, a government body has admitted.

Pensions lifeboat the Pension Protection Fund (PPF) reportedly admitted yesterday that it had previously underestimated the deficit of UK defined benefit schemes by almost £20bn.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Comments

This field is for validation purposes and should be left unchanged.

Δ

The PPF adjusted the latest aggregate deficit to £97.5bn – the worst for almost five years and a huge drop from a £3.2bn surplus 12 months ago.

A PPF spokesman told Global Pensions yesterday: “We made a mistake. The error was spotted and we rectified it.”