Risk management giant
Aon claimed the top
one hundred company pension schemes’ combined deficit had risen by £15bn on
Tuesday in the greatest equities crash since 9-11, rising a further £9bn this
morning to £42bn overall.
‘Based on market movements over the past week, pension schemes have lost over
£40bn in a week, which is equivalent to wiping out all the gains made in 2007,’
Marcus Hurd, Aon senior consultant and actuary, told globalpensions.com
Following the massive drop in aggregate surplus from £10bn at the end of
December to a £15bn deficit three weeks later,
urged company pension funds to be cautious when making investment decisions
based on valuations taken on a particular day.
‘It is far better is to work towards agreement of what kind of risks the
sponsoring employer and trustees are prepared to take and then agree on the
financing and asset strategies,’ Marc Hommel, PwC pensions partner, said:
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements