Deficit in UK company pensions soars in September

New data has shown that the deficit in UK Defined Benefit schemes rose in September to the second highest level ever. Defined Benefit pensions are often referred to as Final Salary schemes and provide a guaranteed income for the member based on salary and length of membership in the scheme. The data, produced by the Pension Protection Fund (PPF), who provide a safety net for underfunded schemes of insolvent employers, showed that the aggregate deficit of schemes rose by nearly £80 billion in September to £196.4 billion; in August the deficit was £117.5 billion. Falling stock market, lower bond yields Defined Benefit ...