UK pension deficits rose by £11bn yesterday, the highest single-day rise
was introduced in June 2001.
The pensions deficits freefall was a caused by a drop in stock markets
combined with a fall in bond yields, which saw pension schemes’ liabilities rise
by £5bn on the same day their assets fell by £6bn.
This news came just days after it seemed likely that February would see UK
pension deficits fall to a four-year monthly low, following almost four months
of positive financial market activity.
Despite the record rise, deficit levels have only increased back up to what
they were in 30 November 2006 and are still almost half the level they were a
year ago. At close of business on 27 February, the combined deficit for the 200
largest UK pension schemes was £45bn, with
FTSE100 deficits standing at
Marcus Hurd, senior consultant and actuary at
Consulting, said of the figures: ‘Any sudden rise in deficits is unwelcome,
but shocks such as this are to be expected. In the six years since FRS17 was
introduced, there have been more than 20 individual days when the FTSE fell by
more than yesterday, including two during 2006.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars