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18 Sep 2008
UK defined benefit pension schemes now collectively face a £70bn billion funding shortfall – more than triple the £20bn deficit of the start of the year, PricewaterhouseCoopers (PwC) estimates.
Company defined benefit schemes, including final salary pensions, plunged another £7bn into deficit as a result of a 6% fall in equity markets this week as traders responded to the collapse of US investment bank Lehman Brothers, The Press Association reports.
‘UK pension schemes are facing the triple pressure of declining equity values, lower income from dividends, and increasingly cash-strapped employers,’ Marc Hommel, PwC pensions partner, said.
The current pressure on defined benefit schemes is expected to accelerate the rate of closure to new members or future accruals.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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