UK pension deficit hits record high
[LONDON] The shortfall in Britain's private sector pension plans rose to a record £367.5 billion (US$559.59 billion) at the end of January from £266.3 billion in December, the Pension Protection Fund (PPF) said on Tuesday.
The total assets under management of 6,057 schemes tracked by the PPF index were £1,274 billion, while liabilities stood at £1,641 billion. The funding ratio fell to 77.6 per cent and 5,175 schemes were in deficit, the watchdog said.
Pension funds are struggling to finance their schemes due to record-low bond yields across much of the developed world.
The PPF was created in 2005 to take over the assets and liabilities of UK-based defined benefit pension schemes if an employer goes bust.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
German forecast to offer signs if ailing economy on the mend
PBOC steps up rhetoric against long-end government bond rally
Trade, TikTok, Taiwan: Blinken faces tough talks in China
Australian inflation boosts case for higher-for-longer rates
The American small-business tyrant has a favourite political party
China’s prices are just too low for buyers to sweat about tariffs