This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-16158416
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Pension deficits hit new record level of £222bn | Pension deficits hit new record level of £222bn |
| (about 2 hours later) | |
| The collective deficit of private sector final-salary pension schemes hit a new record of £222bn in November. | The collective deficit of private sector final-salary pension schemes hit a new record of £222bn in November. |
| The Pension Protection Fund (PPF), which compiled the figures, said the deficit had risen by £64bn from the end of September. | The Pension Protection Fund (PPF), which compiled the figures, said the deficit had risen by £64bn from the end of September. |
| It said that although the value of scheme assets had risen, this had been outstripped by the sharply rising cost of paying for pensions. | It said that although the value of scheme assets had risen, this had been outstripped by the sharply rising cost of paying for pensions. |
| A year ago the collective deficit stood at just £1bn. | A year ago the collective deficit stood at just £1bn. |
| "Over the month, scheme assets rose by 0.7% and over the year there was an increase of 5.9%," said the PPF. | |
| "Total scheme liabilities [the value of the assets required to pay pensions in the future] were £1229.2bn at the end of November 2011, an increase of 6.1% over the month and an increase of 29.1% over the year," the PPF explained. |