FTSE

Deficits of schemes monitored by the Pension Protection Fund (PPF) worsened last month, increasing from £8.3bn in June to £67.3bn at the end of July.

The FTSE 100 climbed this morning and Asian and US markets rallied strongly overnight as the Federal Reserve announced it would hold interest rates at close to zero until 2013.

SIPP investors' five favourite funds have been hit hard by the European and US debt crisis which took a heavy toll on equity markets.

US markets have opened higher after a calmer atmosphere saw the FTSE 100 recover the day's losses.

The average director of a FTSE 100 company has a final salary pension worth £3.6m and paying out £174,963 per year, the High Pay Commission said.

The FTSE 100 is now in the black in early trading after falling 1% on opening, after S&P's downgrade of US debt sparked a further share sell-off across the globe.

Jobs data from the US provided some much needed respite for investors on Friday, after the latest figures beat estimates.

Henderson's Bill McQuaker on why the market has sold off

The national newspapers spared front-page column inches to talk of a 'Credit Crunch 2' on Friday after a global sell-off wiped trillions off the value of equities worldwide.

The FTSE is on track to hit its lowest closing level in almost a year amid fresh warnings the eurozone crisis will engulf Italy and Spain.