BusinessCompany NewsFTSE 100 ’07 pension fund gains wiped out

FTSE 100 ’07 pension fund gains wiped out

Greatest equities crash since 9-11 wipe up gains made by FTSE 100 pension funds over 2007

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,
PriceWaterhouseCoopers
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:

Further reading:

UK pensions back in the black

Read
the story in Global Pensions

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