UK - A total of 30% of the 200 largest UK pension funds remain in surplus, including 40% of FTSE 100 companies despite recent market falls, claims Aon Consulting.
Within this, the firm said over a quarter of the 200 largest UK pension funds were within 5% of the surplus/deficit divide, while nearly one third of FTSE 100 companies were in a similar position.
To put the situation into context, the company explained the deficit fall was mainly caused by market crashes on 26 July, which raised the deficit by £9bn in one day alone, the second largest increase in one day since records began in June 2001.
Although the aggregate pension scheme deficit for the largest 200 UK pension funds was £13bn, Aon Consulting said the total deficit before offsetting surpluses stood at £24bn.
In other UK pension scheme deficit-related news, Hymans Robertson has warned companies paying more than necessary on pension deficits could be in serious danger of harming their bottom line.
It advised financial directors to revisit deficit funding agreements put in place with their pension scheme trustees in 2007 or early 2007, in light of the improved performance experienced by many funds.
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.