Lifeboat Scheme Warns Of Challenge As Pension Deficit Rises

Law360, London (January 12, 2021, 1:20 PM GMT) -- The cumulative deficit in corporate savings plans rose by £7.6 billion ($10.1 billion) in December, the U.K.'s pension lifeboat scheme said on Tuesday as it warned of "further challenges" ahead for 2021 and the COVID-19 pandemic continues to beat down the value of assets.

The Pension Protection Fund said that the combined accounting deficit for the country's 5,318 defined benefit plans risen to £86.4 billion at the end of the year, up from £78.8 billion in the previous month.

Market volatility resulting from the coronavirus outbreak has eroded the funding position of many saving plans over the last year. Some 60%...

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