UK - Defined benefit pension schemes reached an aggregate deficit of £194.5bn (US$277.5bn) in December 2008, figures from the Office for National Statistics reveal.
In June 2007, prior to the worst of the declines in equity and bond values, schemes posted an aggregate surplus of £130.4bn, amounting to a total funding fall of £324.9bn in 18 months.
However, the ONS also noted a sea change in the way UK sponsors view investments and asset allocations, with funds increasingly lowering their holdings in equities. During the 1990s, the average DB plan held more than 70% of its assets in listed equities, falling to just over 60% by 2007.
Similarly, equity holdings were overwhelmingly UK-focused, with around three-quarters of equity investments in UK companies. By 2007 this had fallen to a mix of 58% UK and 42% overseas.
Recent research by consultant Mercer found the deficit of FTSE350 schemes to be £33bn, having increased from £13bn at the end of 2007.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.