Many pension funds will show a surplus in the year-end accounts despite the
true position being that the schemes have moved to record deficits.
According to Aon Consultng figures, FTSE100 final salary schemes will record
a deficit of £155bn for the 12 months to November 2008.
However, the risk group said accounting rule IAS19 will mean accounts will
show a £13bn surplus for the top 200 companies.
Aon said the rules allowed the yield on bonds to cover up poorly performing
investments in the stockmarket.
The Guardian quotes Marcus Hurd of Aon saying: ‘They will be
invested in stocks and shares, commercial property and bonds which have all gone
down in value, but the accounting rule says it is only the bond yield that
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