UK - The equity market recovery slashed £24bn from the pension deficits at FTSE100 companies last year, new research shows.
Investment bank Dresdner Kleinwort Wasserstein says the FRS17 deficit under its assumptions fell from £58bn to £34bn, due principally to steady market recovery.
The research also compared UK pension provision with other European countries and found that Britain’s schemes had the best funded status. Reports author and UK equity strategist Karen Olney said: “This change has come at the end of the worst bear market for several years and the recovery in equity markets and bond yields have slashed deficits.”
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.