UK pension deficit plunges £20bn in three days

Estimates by PricewaterhouseCoopers LLP calculate the deficit for final salary schemes has now reached £70bn from a starting point of £20bn at the start of the year. Only 12 months ago, pension funding was estimated at a surplus, although UK pension funding statistics historically fluctuate heavily. Marc Hommel, pensions partner at PricewaterhouseCoopers LLP, says: “UK pension schemes are facing the triple pressure of declining equity values, lower income from dividends, and increasingly cash-strapped employers. “It seems that no matter how much additional funding companies have agreed, ...