PRUDENCE is paying dividends for private sector schemes. Deficits have tumbled in the past year and Aon Consulting recently forecast that the majority of UK company pension schemes could be in surplus within just three years. And even though that prediction might seem optimistic, given that FTSE100 companies could be underestimating shortfalls by up to £60bn because future improvements in longevity are being underestimated, no one doubts the trend is in the right direction.
Contrast this with the public sector where the pensions shortfall is spiralling out of control. The government’s own figures – contained in its obscure Public Expenditure Statistical Analyses 2007...
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