UK Money News
6th August 2008
Pension funds hit by market downturn
Volatility in the financial markets has prompted the pension funds of FTSE 100 companies to fall back into the red, new research has revealed.
At the end of July last year, the funds operated by the 100 largest companies in the UK had a surplus of £12 billion.
However, over the past 12 months, the downturn in equities markets has hit them hard and reduced this to a deficit of £41 billion, according to actuarial firm Lane Clark and Peacock (LCP).
The change represents the largest swing recorded by LCP since 2002, when it began using new pensions accounting methods.
Bob Scott, a senior partner at LCP, said: "Not only have we had fears of rising inflation, which has driven up the liabilities of pension funds and the amounts companies need to hold, but the stock markets have been volatile, and recent falls have reduced the value of the assets."
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