News

UK - Aggregate deficits of schemes monitored by the Pension Protection Fund worsened last month, increasing to £67.3bn ($109bn) from £8.3bn at the end of June.

GLOBAL - European markets have stabilised after a volatile morning along with overnight falls in Asia and the US.

The FTSE 100 dipped to a low of 4971.46 at 9:34 this morning, before beginning a period of steady growth through the morning - ending slightly up by 12:30.

Aggregate deficits of schemes monitored by the Pension Protection Fund worsened last month, increasing to £67.3bn from £8.3bn at the end of July.

The attention given to pensions deficits at blue chip companies is in danger of overshadowing the problems faced by smaller companies with defined benefit schemes, say consultants.

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Greggs has cut more than £15m from its defined benefit scheme after switching from Retail Prices Index-linking to Consumer Prices Index-linking.

US - The New York State Common Retirement Fund has announced a proposed $168m settlement of its securities fraud class action lawsuit against National City Corporation over investment losses.

A British Gas pension scheme is set to cap pensionable pay for its existing member after trade union negotiators recommended members accept proposals.

AUSTRALIA - Superannuation funds have seen a massive spike in calls from members concerned by the ongoing global market volatility, an industry body said.