UK - Lower gilt yields were to blame for the surge in pension fund deficits during December 2007, which raised liabilities and took 117 schemes back into the red, according to the Pension Protection Fund (PPF).
The number of schemes in surplus also fell to 1,619, a significant drop from the total 12 months earlier of 1,881.
In a separate PriceWaterhouseCoopers (PWC) report, the consultants advised pension funds to be aware an increase in corporate bond yields resulting from the summer's credit crunch helped company balance sheets to show reduced liabilities.
The report said using the higher discount rate available from these higher yields could create a surplus in the fund, but this may not be a sustainable move.
PWC warned trustees and company directors to be cautious when making assumptions based on these evaluations which could be masking the remaining underlying risks associated with the company's pension scheme.
Companies were also advised to "consider whether the impact of the credit crunch needs separate comment in your accounts".
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