Editorial - Keep the champagne on ice

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Make a note in the diary. Friday, May 11 was the momentous day when Britain's top 200 pension scheme had an aggregate surplus for the first time since accounting standard FRS17 was introduced in June 2001.

The landmark moment, according to Aon Consulting, came at 3.25pm and marked an improvement of more than £50bn in net accounting valuations in two months. Indeed, scheme deficits have been on a rol...

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